SPXUSD daily guidance is neutral with a bullish bias. Recommended ratio: 60% SPX, 40% Cash.
**Happy Thanksgiving. Thank you for reading, I hope I've helped you navigate the markets in 2022. Through helping you, it has helped me develop a better understanding of what moves markets and I'm grateful.**
*Tomorrow is a short day for trading with US stock markets closing at 1pm and Bond markets closing at 2pm. Equity Markets are still riding the "Fed pivot" narrative that has been flourishing since the FOMC Minutes were published yesterday but it's important to remember that Russia is continuing to weaken Ukraine's power grid and that war and supply chain disruptions can escalate at any given time. Binance CEO CZ announced that Binance.US is making another bid for bankrupt crypto lender Voyager after FTX was unable to complete the acquisition. Binance also announced a 1B BUSD crypto recovery fund (Industry Recovery Initiative) for companies seeking support during the crypto winter. CZ is preaching transparency and even listed the public address for Binance's initial commitment of 1B BUSD, which sounds good in theory but to be honest everyone should be a bit wary of exchange tokens right now; I think it's justifiable to be skeptical of Binance's solvency but as of now it's between them, Coinbase and Kraken when it comes to the top 3 crypto exchanges. There's not too much going on in terms of key economic data until next Wednesday.
US Equity Futures, DXY, Oil, Gold, N100, GBPUSD, EURUSD and JPYUSD are up. US Treasury Bonds, Cryptos, Natural Gas, CNYUSD, NI225 and HSI are down.
Key Upcoming Dates: US Consumer Confidence Index at 10am EST 11/29; 2nd BEA Estimate of US Q3 GDP at 830am EST 11/30; Fed Chair Jerome Powell speech at Brookings Institute at 130pm EST 11/30; Beige Book at 2pm EST 11/30; October PCE Index at 830am EST 12/01; November Employment Situation at 830am EST 12/02; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14.*
Price finished yesterday's session trending up at $4027 as it approaches a test of $4058 minor resistance which coincides with the 200MA. Volume remains Moderate (high) and has favored buyers for the previous two sessions. Parabolic SAR flips bearish at $3844, this margin is mildly bearish at the moment. RSI is currently trending up slightly at 62, the next resistance is at 68.42. Stochastic remains bullish for a second consecutive session and is currently trending up at 82 as it approaches a retest of max top (it's currently in the "bullish autobahn zone"). MACD remains bullish and is currently trending up at 61 as it attempts to break above 55.35 minor resistance; if it can do this it will aim to retest the ATH at 92.49. ADX is currently trending up slightly at 20 as Price pushes higher, this is mildly bullish at the moment and would become strongly bullish if it can continue this correlation above 25.
If Price is able to push higher here then it will likely test $4058 minor resistance which would coincide with the 200MA. However, if Price breaks down here, it will likely retest $3913 minor support. Mental Stop Loss: (one close below) $3953.
**Happy Thanksgiving. Thank you for reading, I hope I've helped you navigate the markets in 2022. Through helping you, it has helped me develop a better understanding of what moves markets and I'm grateful.**
*Tomorrow is a short day for trading with US stock markets closing at 1pm and Bond markets closing at 2pm. Equity Markets are still riding the "Fed pivot" narrative that has been flourishing since the FOMC Minutes were published yesterday but it's important to remember that Russia is continuing to weaken Ukraine's power grid and that war and supply chain disruptions can escalate at any given time. Binance CEO CZ announced that Binance.US is making another bid for bankrupt crypto lender Voyager after FTX was unable to complete the acquisition. Binance also announced a 1B BUSD crypto recovery fund (Industry Recovery Initiative) for companies seeking support during the crypto winter. CZ is preaching transparency and even listed the public address for Binance's initial commitment of 1B BUSD, which sounds good in theory but to be honest everyone should be a bit wary of exchange tokens right now; I think it's justifiable to be skeptical of Binance's solvency but as of now it's between them, Coinbase and Kraken when it comes to the top 3 crypto exchanges. There's not too much going on in terms of key economic data until next Wednesday.
US Equity Futures, DXY, Oil, Gold, N100, GBPUSD, EURUSD and JPYUSD are up. US Treasury Bonds, Cryptos, Natural Gas, CNYUSD, NI225 and HSI are down.
Key Upcoming Dates: US Consumer Confidence Index at 10am EST 11/29; 2nd BEA Estimate of US Q3 GDP at 830am EST 11/30; Fed Chair Jerome Powell speech at Brookings Institute at 130pm EST 11/30; Beige Book at 2pm EST 11/30; October PCE Index at 830am EST 12/01; November Employment Situation at 830am EST 12/02; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14.*
Price finished yesterday's session trending up at $4027 as it approaches a test of $4058 minor resistance which coincides with the 200MA. Volume remains Moderate (high) and has favored buyers for the previous two sessions. Parabolic SAR flips bearish at $3844, this margin is mildly bearish at the moment. RSI is currently trending up slightly at 62, the next resistance is at 68.42. Stochastic remains bullish for a second consecutive session and is currently trending up at 82 as it approaches a retest of max top (it's currently in the "bullish autobahn zone"). MACD remains bullish and is currently trending up at 61 as it attempts to break above 55.35 minor resistance; if it can do this it will aim to retest the ATH at 92.49. ADX is currently trending up slightly at 20 as Price pushes higher, this is mildly bullish at the moment and would become strongly bullish if it can continue this correlation above 25.
If Price is able to push higher here then it will likely test $4058 minor resistance which would coincide with the 200MA. However, if Price breaks down here, it will likely retest $3913 minor support. Mental Stop Loss: (one close below) $3953.