Last week the markets moved modestly up as Jerome Powell gave his speech in Jackson Hole at the economic symposium. His speech could have heavily swayed the market in either direction, but he was able to deliver a goldilocks type speech that was just right for both the stock and bond markets.
Currently the stock market seems somewhat directionless without any strong economic drivers giving it momentum. August through October are often characterized with relatively low volume and stock market drops. Of course, anything can happen at anytime in the markets and later this week will be the release of important inflation data on Thursday and the employment report on Friday.
There may be more downside pressure in the short term (think buying opportunity) but the overall upward rally to get back to all time highs still seems to be intact.
Photograph by: Boris Ivanovic on Unsplash
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