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We Called It!

• ETH from 1989 to 2045 Scalp call in Telegram

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• RNDR: managed to put in an almost 7% unleveraged upside continuation move from our suggested long entry upon a 4H timeframe close above 3.33

Macro Markets

This week's main event will be Thursday's U.S. October personal consumption expenditures report (PCE), which includes core PCE, said to be the Fed's preferred measure of inflation, giving further clarity on where prices and monetary policy are headed.

US consumer inflation, as measured by the consumer price index (CPI), is running at a rate of 3.2%, having dropped from September's 3.7%, and core PCE, at 3.7% in September, is unlikely to buck that trend. The spending component of the PCE report might give traders more pause for thought.

The resilience of the US consumer, thanks in part to a strong labor market, has helped the United States outperform most other developed economies in the past year.

Futures markets show traders expect US rates to stay at 5.25-5.50%, with a slight chance of a first cut by March and at least three subsequent cuts that would take rates closer to 4.25-4.5% by the end of 2024.

Further, Fed Chair Jerome Powell will speak at a fireside chat at Spelman College in Atlanta on Friday. That will be an important talk by Powell, and the market will watch to see if he is hawkish.

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