Weekly Market Recap: 18 Oct–24 Oct 2026 — Gold -3.7%, Nikkei 225 -3.4%, EuroStoxx 50 -1.2%

Global markets endured a volatile week ending October 24, 2026, as conflicting forces—rising energy prices, uneven corporate earnings, and diverging central bank signals—dragged major indices lower. The S&P 500 fell 1.8%, while the Nasdaq dropped 2.4% amid a tech selloff fueled by concerns over AI-related capital expenditures. European equities underperformed, with the Stoxx 600 declining 2.1% as energy-intensive sectors struggled with Brent crude hitting $94.50—a five-month high—after OPEC+ extended supply cuts. Only healthcare stocks showed resilience, gaining 1.3% for the week as defensive positioning intensified. Central bank policies remained in focus, with Treasury yields climbing to 4.92% on the 10-year note after Fed officials signaled rates would stay higher for longer despite softening inflation trends. The European Central Bank held firm on its restrictive stance, though eurozone bond yields dipped as political uncertainty in France overshadowed economic data. The Bank of Japan maintained ultra-loose policy settings, keeping the yen weak at ¥152 against the dollar. Meanwhile, the Bank of England faced mounting pressure to cut rates after UK retail sales unexpectedly contracted 0.7% month-over-month, missing forecasts of a 0.2% rise. Economic data releases were sparse, but the few key indicators revealed cracks in consumer resilience. U.S. existing home sales slid 4.2% in September, worse than the anticipated 3.5% drop, as mortgage rates above 7% continued to stifle demand. Credit markets showed stress, with Sallie Mae reporting higher charge-offs and cutting its full-year outlook. In corporate news, earnings divergence was stark: Meta’s revenue beat estimates, but shares tumbled 5% on concerns over its AI spending plans, while JetBlue’s bonds and equities plunged as creditors hired restructuring advisors. Aerospace saw mixed action—Bombardier announced a $270 million U.S. expansion amid easing trade tensions, but defense stocks retreated on budget uncertainty. Commodities and currencies mirrored the risk-off tone. Gold edged up to $1,980/oz as a haven play, while industrial metals weakened on growth worries. Bitcoin fell 6% to $58,200, erasing October gains as crypto liquidity tightened. The dollar index rose 0.8%, pressuring emerging markets; Indonesia’s sovereign wealth fund notably reaffirmed its investment strategy despite the turmoil. In credit markets, cracks emerged in AI-related bonds, with spreads widening on concerns over profitability timelines. Looking ahead, markets will scrutinize the Fed’s preferred PCE inflation gauge due October 31 for confirmation of disinflation trends—especially after recent oil spikes. Eurozone CPI and U.S. Q3 GDP data will also test the narrative of a soft landing. Corporate earnings will remain in focus, with investors increasingly wary of narrow leadership as mega-cap tech stocks face growing scrutiny over capital allocation. Geopolitical risks loom, particularly in energy markets, where further OPEC+ discipline or Middle East tensions could exacerbate supply concerns. With volatility likely to persist, the tug-of-war between defensive positioning and AI-driven optimism will define the week ahead.

The S&P 500 closed the week at 7623.68, down 0.87%, trading below all key moving averages (-1.3% vs SMA20, -1.0% vs SMA50, -0.7% vs SMA200) as bearish pressure persists. The RSI at 42.1 remains neutral but leans weak, while the MACD (-2.613 below signal line at 13.2305) confirms downward momentum. Price hovering near the lower Bollinger Band (7605.88) suggests potential oversold conditions, but a breach could accelerate losses toward the 52-week low of 7313.92. Key resistance lies at the SMA200 (7677.50), while holding the lower band is critical to avoid further downside.

The EuroStoxx 50 closed the week at 6068.2202, down 1.25%, extending its downtrend as it traded below all key moving averages (-2.0% vs SMA20, -3.7% vs SMA50, -4.1% vs SMA200). The RSI(14) at 38.1 suggests neutral but weakening momentum, while the MACD (-50.7317) remains below its signal line (-44.9637), confirming bearish pressure. The index hovered near the lower Bollinger Band (6062.1183), reinforcing downside vulnerability. A critical level to watch is the 52-week low at 6021.09; a breach could trigger further selling, while holding above may prompt a short-term rebound.

The Nikkei 225 closed the week at 62,693.16, down 3.43%, underperforming all key moving averages (-6.1% vs SMA20, -5.3% vs SMA50, -4.7% vs SMA200), signaling sustained bearish pressure. The RSI(14) at 35.8 remains neutral but edges toward oversold territory, while the MACD histogram at -653.59 confirms strong bearish momentum. Price action sits near the mid-Bollinger Band (lower 62,004.74, upper 71,492.16), with the 52-week low (60,448.9) as critical support. A break below 62,000 could accelerate declines, while reclaiming the SMA200 (65,737) is needed for stabilization.

EUR/USD closed the week at 1.1204, down 0.19%, trading below all key SMAs (-0.4% vs 20SMA, -2.1% vs 50SMA, -2.2% vs 200SMA), signaling bearish pressure. The RSI at 33.9 remains neutral but nearing oversold territory, while the MACD (-0.0062) shows slight bullish momentum as it converges toward its signal line (-0.0073). Price hovering near the Bollinger lower band (1.1125) suggests potential support, with a break below risking a test of the 52-week low at 1.11. Watch 1.1125 as a critical near-term level—holding could trigger a rebound, while a breakdown may accelerate declines.

GBP/USD edged 0.29% higher this week to close at 1.3374, testing the upper Bollinger Band (1.3404) while remaining above its 20-day SMA (+0.7%) but below the 50- and 200-day SMAs (-0.2% and -0.3%, respectively). The RSI at 55.3 suggests neutral momentum, while the MACD crossing above its signal line hints at emerging bullish bias. Immediate resistance at 1.3404 (upper band) is key—a breakout could target the 52-week high of 1.37, though mixed MA positioning signals caution. Downside support sits at the 20-SMA (1.3300) and lower Bollinger Band (1.3149).

Gold closed the week ending 2026-10-24 at **4007.8999**, down **3.66%**, under pressure as it traded **3.5% below the 20-day SMA**, **7.7% below the 50-day SMA**, and **7.2% below the 200-day SMA**, confirming a bearish trend. The **RSI(14) at 30.5** neared oversold territory, while the **MACD (-60.9831) remained below its signal line (-53.4233)**, reinforcing downside momentum. Prices hovered near the lower **Bollinger Band (4060.6413)**, with the critical **52-week low of 3989.1** as the next key support to monitor. A breach below this level could trigger further declines, while a rebound may face resistance near the 20-day SMA (~4150).

Crude Oil closed the week at **103.27**, down **-0.38%**, but remains firmly bullish against key moving averages, trading **+9.0%** above the 20-day SMA, **+11.1%** above the 50-day, and **+14.4%** above the 200-day. The RSI(14) at **63.1** suggests neutral conditions with room for further upside, while the MACD (**2.4594**) holding above its signal line (**1.7008**) confirms sustained bullish momentum. With price hovering near mid-Bollinger Band (**104.45 upper, 85.01 lower**), a breakout above **104.45** could signal a retest of the 52-week high (**110.48**). Watch for resistance at **104.50** as the next key level.

Bitcoin closed the week at **$81,074.19**, down **1.15%**, trading below its **SMA20 (-1.8%)** and **SMA50 (-0.9%)** but still holding **6.4% above the SMA200**, indicating mixed near-term weakness but longer-term resilience. The **RSI at 43.3** remains neutral, while the **MACD (-200.53 vs. 104.99)** confirms sustained bearish momentum. Price sits mid-Bollinger Band (upper $85,273, lower $79,788), suggesting consolidation—watch the **$79,788 lower band** as a key support; a break could accelerate declines toward the 200-day SMA ($76,200). Resistance remains at the 20-day SMA ($82,500).

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