A great deal of uncertainty continues to plague the markets. It is very notable in how markets are being traded during the session. Today, I want to run through a number of charts before Fed Chair Jerome Powell speaks tomorrow. Let's touch upon Bitcoin, the Euro Stoxx 50 (EU50), the Invesco QQQ Trust (QQQ) and SPDR Gold Shares (GLD). Markets Finally Signaling...
Happy Bitcoin halving! If you haven't heard, Bitcoin underwent its third network halving, which means that now for every block discovered, only 6.25 Bitcoin will be rewarded. It is a great day to be a crypto enthusiast. Alright, let's get right to it. So, U.S. markets continued to show strength at the start of the session and fade towards the end. I feel as...
Well that was an eventful weekend. With less than 10 hours to go before the Bitcoin halving, the cryptocurrency markets are attempting a set up for a relief rally. In other news Federal Reserve Chairman Jerome Powell will speak on the current issues facing the U.S. economy later this Wednesday. Heading into this speech, it is difficult to bet against the market. I...
With halving approaching in less than two days, Bitcoin seemed poised to break through 10,000 with relative ease. Until it didn't. Last night, Bitcoin experienced a nearly 20% meltdown, unofficially signaling the end of the rally off the March lows. A few day's ago I posted that Bitcoin could be heading to 10,300, as that was the measured target for the cup and...
Today is the big day! The Bureau of Labor Statistics releases the unemployment number at 8:30AM EST. As I am writing this post, U.S. index futures are pointing up and so are Gold and Silver . This morning I'll be touching upon the CBOE Volatility Index (VIX) and Silver Futures (SI!). The VIX Bears will be watching the VIX closely today and they should be....
U.S. Markets finished up over 1% for the day, setting up an interesting end-of-week trading session. The jobs report lands tomorrow at 8:30 AM EST. and will likely determine the next trend. Today we will go over the PowerShares QQQ (QQQ) and Tesla, Inc. (TSLA). But, first I want to mention that a few days ago I posted a GLD chart stating that it was setting up for...
All major indicies ended in the red yesterday, except for the Nasdaq 100 (NDX). For this reason, bears should continue to stay put on the sidelines. As long as tech continues exhibiting its strength, notably big tech, the market rally will resume. It is remarkable that yesterday the ADP reported 20.2 million private-sector jobs were lost in April. You'd think the...
Have the stock market bears capitulated yet? I'm not referring to permabears, they are their own breed... Markets around the globe are showing resilience despite the global economic disruption due to Covid-19. Perhaps the market is signaling that the economic damage isn't all that bad after all or maybe pricing in the economy opening back up. Regardless, remember,...
Exhibiting signs of exhaustion, U.S. equities gave up nearly all their gains from the morning, closing today's session flat. The Dow Jones Industrial Average gained +0.56%, the S&P 500 +0.90% and the Nasdaq 100 led the way with +1.09%. Interestingly, a number of heavy hitters are roaming around resistance. One name of note is Apple which finally entered a region...
With the unemployment rate being announced later this week I have been keeping an eye on the gold markets for clues on a direction. Expectations are that unemployment will increase substantially from the last reported 4.4% to levels that haven't been seen since the 1930's. However, the price of gold hasn't really "outperformed" during the Covid-19 pandemic when...
Today U.S. equities squeaked out nominal gains on the major indices, led mostly by tech and a strong rally by Tesla. With the unemployment rate being announced on Friday, this week could be setting up the next sharp move to the downside, as it is suspected that the unemployment rate is going to increase substantially from the the 4.4% reported in April. To dampen...
And there you have it! Bears can finally rejoice and celebrate the "sell off" in U.S. equities. It was a much deserved breather the bulls earned after posting historic numbers in the month of April. The weekly close though, wasn't so hot. Especially in terms of candle disposition. Today we review BTC and QQQ. BTC Nailed It! Whoever said crypto was not...
Today, U.S. equities ended the session on a bearish note. Confirming the move down, cryptocurrencies also pulled back, erasing most of yesterday's gains. Markets continue to move in lock step, and until that changes, we should continue to treat equities and cryptocurrencies correlated. On today's post I am looking forward at next weeks earnings report for SQ and...
You feeling it yet? The FOMO. Yup, that is exactly what's been happening today across U.S. equities and cryptocurrency. Ignited by Alphabet, Inc.'s stronger than expected earnings report, the market gapped up above the bearish daily close yesterday. Today, I was originally going to review Shopify, Amazon and Virgin Galactic, but last minute I decided to review the...
For the past two days I have been hinting that the Nasdaq 100 seeming to be giving us a signal of things to come. Whether it was down side (due to weakness) or it was taking a breather before making new highs. After, Alphabet, Inc. (GOOG) reported earnings yesterday evening, GOOG spiked over 7% in after hours trading. That was an eyebrow raiser . With GOOG did...
Today, after a promising start to the trading session, U.S. equities experienced a sharp rejection at resistance and swiftly returned to short term support levels. The Dow Industrials Average closed today -0.13% and for a second day in a row, the Nasdaq 100 lagged behind, ending the session -1.40%. Could this be a sign of things to come? Today, we take a look at...
U.S. markets began the week on a strong note, led by small caps. The Russell 2000 Index finished the day up nearly 4% while the Nasdaq 100 lagged behind notching 0.5% at the end of the session. This week represents a pivotal point of the rally as earnings season hits full swing with big cap tech reporting this week. Some names on deck later this week are TSLA,...
Volatility in the cryptocurrency markets have been a complete drag this month. Luckily, the quadrennial Bitcoin halving takes place in 16 days, on May 12 and should provide the next macro move. As the Bitcoin halving approaches, speculation on the halving aftermath is going to ramp up. Knowing this, it is important to differentiate between actual fundamental news...