Week of 11/06-11/10 Market Swings, Second Week of Gains

The stock market indices were able to recover during Friday's session from the current snap caused by the FED's economic uncertainty commentary regarding high inflation from Thursday's Division of Research and Statistics Centennial Conference. Jerome Powell took the stage early Thursday and commented that the central bank is unsure whether it’s done enough to keep cooling inflation. The Federal Reserve's commitment to manage inflation down to 2% in the near future may not be materializing as expected and confidence seems to be diminishing. The stock market quickly reacted with steep drops in all three main market indices, but rapidly recovered during Friday's session. November is still on track to be one of the best months of the year mainly due to companies posting better-than-expected results for the summer period. Even with strong bullish price action, fear in the market still lingers as investors look towards December and a potential interest rate hike based on the recent remarks from the FED. The S&P 500 is at a point where a 10% rise in 2024 will place it over all time highs reached in January 2022, if a recession can be avoided. Fundamental and technical analysis shine light at the end of the tunnel for next year's forecasts with an additional boost from being an election year, in which the market has historically been higher.