Market analytics for the week

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05.11.2023
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🟡 The past week was full of economic dates. It’s worth starting with the Fed Funds rate — 5.25% – 5.50% (unchanged). This was not a surprise to the market, everyone was waiting for what J. Powell would say. His rhetoric was mild, which added to the positive sentiment of the US stock market. Also, unemployment data in the US was published — 3.9% (3.8% forecast). The labor market is still monolithic.

🟢 The capitalization of digital assets has increased by 1.5% since Monday. BTC managed to record a yearly high of $35,899, but almost immediately rolled back lower. Oversold altcoins, on the other hand, grew significantly more. It is worth noting ADA, DOT, SOL, and others. If the trend does not change, we can expect a local “alt-season”. Since the key supports in many altcoins have been passed.

🟢 The US stock market felt a positive sentiment thanks to the Fed. The S&P 500 rose by 5.3%, and the Nasdaq by just under 5.5%. Apple’s report was mixed. The company beat expectations but gave a weak forecast. Analysts expect Apple to show a decline in sales in the current quarter, which will be the 5th quarterly decline in revenue. The company is likely to start losing its status as the most expensive in the world, so more innovation is needed.

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