S&P 500 nearing All-Time High!

US Pre-Market
Futures: The S&P 500 is up 0.10 %, the Dow Jones Industrial Average is up 0.10%, and the Nasdaq 100 is up 0.08%.
Stock futures remained relatively flat Sunday night as investors awaited the Federal Reserve's highly anticipated policy meeting. central bankers are expected to implement the first rate cut since 2020. At this meeting,
Watchlist for today: X, BA, NVDA, UBER, AI, GOOGL, TSLA, U, UPST

Bitcoin

According to analysts, Bitcoin is targeting $60K and appears to have more potential for growth. Ryze Labs highlighted that the U.S. economy remains the key factor for risk assets as recession fears linger. Despite recent global monetary easing benefiting stocks, bonds, and gold, Bitcoin has been left out of the rally. Experts suggest the cryptocurrency may require more than minor rate cuts to trigger a new bull market.
Watchlist: Bitcoin: 58 200-60 750 Ethereum: 2250-2475, Solana: 128.3 -140.20


 Forex Market

The dollar weakened on increased expectations of a 50-bps Fed rate cut in September, while Bank of Japan policymakers advocated for more rate hikes. Investors are now focused on the upcoming FOMC and BoJ meetings. The USD/JPY forecast suggests a potential decline if the Fed cuts rates and the BoJ remains hawkish. Technically, USD/JPY hit new lows after breaking below 144.00, with bears in control since falling under the 22-SMA and the RSI dropping below 50. The price has paused near 140.07 support.
Whatchlits: EUR/USD: 1.1065-1.1121, USD/JPY: 139.88 -141.70
 

Basic Materials

Crude oil prices started the week with gains, driven by expectations that the U.S. Federal Reserve will announce an interest rate cut at its meeting. Additional price support came from the continued shutdown of a significant portion of the Gulf of Mexico's oil production due to Hurricane Francine. About 25% of oil production and 28% of natural gas output remain offline after the storm's landfall in Louisiana last Wednesday. Gold is reaching new highs every day; bulls are unstoppable.
Watchlist: GOLD 2530-2600 Crude Oil: 68 -70.25

The TEFS Analyst team wishes you a successful day!