All of the Big-Three major market indexes posted higher highs on Friday. The NASDAQ Composite and S&P 500 Indexes posted fresh all-time highs on Friday as the Dow beams to within 1,000 points of its 29,568.57 all-time high. The Russell 2000 Index continues to lag but appears to be consolidating along its 20-dema, which looks somewhat constructive. Volume was lighter across the board.
Precious metals have moved up off near-term support levels, likely helped along by Chairman Powell’s speech on Thursday and a lower U.S. Dollar. The head Fedhead revealed a “new approach” toward inflation in the form of Average Inflation Targeting. You can look it up on the Internet to understand the precise mechanics of this, but basically the Fed is now going to average higher inflation ahead with lower inflation behind to come up with a tolerable level of inflation.
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