US Futures Rebound on Monday Ahead of White House Meeting
US Futures are rebounding modestly on Monday morning after last weeks sell off - the S&P is rallying around 0.50% to test the 50DMA around 4,176.58 (likely as resistance), the Dow is seeing support at the 100DMA at 33,011 and is up around 0.71% on the day, the Russell is retesting the 50DMA around 2,250, and the Nasdaq is floating somewhere in orbit around 14,072 and is up around 0.25% on the day as of 9AM.
Bitcoin is getting clobbered to start the week, and is down a whopping 9.4% on the day. We're sitting at a 32k handle and looking incredibly bearish with the recent lows around 30k likely to be tested in short order. If we lose 30k support, we really don't have much holding us up above 20k, so hold on to your hats if markets turn down again today.
According to Bloomberg, several financial markets representatives will be visiting the White House today to discuss the state of the economy after last weeks light bout of volatility. Clearly both the policy makers and government alike are panicing, but trying to calm markets as best they can. The Fed has very few options at this point, and so, it's likely this meeting bears no fruit once someone explains to Biden how inflation, and the Fed's policies actually work against 90% of Americans.
The Vix is down around 2% and is sitting at 20.27, while the US10Y yield rose by 2.22% back to 1.475%. Gold is seeing solid flows today and is back at 1,779.30 and up 0.58%, and finally the dollar (DXY) is back at 92.07 and looking resilient after last weeks incredible rally back to the wedge resistance at 92.
It should be an interesting day of trade to say the least, so stay tuned as our live analysis begins at 9:30AM. Cheers, Michael
* I am/we are currently long HUV, UVXY
Bitcoin is getting clobbered to start the week, and is down a whopping 9.4% on the day. We're sitting at a 32k handle and looking incredibly bearish with the recent lows around 30k likely to be tested in short order. If we lose 30k support, we really don't have much holding us up above 20k, so hold on to your hats if markets turn down again today.
According to Bloomberg, several financial markets representatives will be visiting the White House today to discuss the state of the economy after last weeks light bout of volatility. Clearly both the policy makers and government alike are panicing, but trying to calm markets as best they can. The Fed has very few options at this point, and so, it's likely this meeting bears no fruit once someone explains to Biden how inflation, and the Fed's policies actually work against 90% of Americans.
The Vix is down around 2% and is sitting at 20.27, while the US10Y yield rose by 2.22% back to 1.475%. Gold is seeing solid flows today and is back at 1,779.30 and up 0.58%, and finally the dollar (DXY) is back at 92.07 and looking resilient after last weeks incredible rally back to the wedge resistance at 92.
It should be an interesting day of trade to say the least, so stay tuned as our live analysis begins at 9:30AM. Cheers, Michael
* I am/we are currently long HUV, UVXY
