The market finished the week with a little bit of a Jekyll & Hyde act. The NASDAQ Composite Index flashed a sharp -1% distribution day on Thursday as volume picked up materially, but then found enough inspiration to turn right around and reverse that loss with a 1.11% upside move on Friday. The net result was a move to new highs on lighter volume to cap off the trading week.
On Thursday morning the European Central Bank stated that it is ready to cut interest rates for the first time since 2016. European Central Bank (ECB) President Mario Draghi justified this shift by stating the obvious, which is that the European economic outlook is “getting worse and worse.” The SPDR Gold Shares (GLD) sold off on that news, finding support at the 20-dema.
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