When bitcoin shows a major capitulation as it has done now it can be very bullish. We need to see the daily MACD above the red line. I will be doing a video about my crypto watch to explain. The monthly bullish case for bitcoin is strong. Lets see how it plays out. There are heaps of coins at big discounts.
SPX breadth is showing that less than 60% of stocks are above their 200 day MA. This does not mean that the market will crash. It is a warning that momentum has stalled. We need to watch for put options to rise relative to call options. So far we are not seeing that. It is an early warning signal but it is yet to be confirmed. Lets see how it plays out.
SPX could kick off to a correction. Too early to say yet.
It always fascinating to see how oil respects the Fibonacci levels.
The selling was inevitable and good for the longer term. We will see some good bargains come out of it.
Nasdaq mth is 40% above the kijun sen. Much wider than I have ever seen it. The diverging daily MACD is a warning but the uptrend has to fail, which it has not yet. Lets see. Monthly is strong after a couple of consolidation candles.
SPX has no red monthly candle since the rally began in August last year. Running around 35% above mth kijun. No sign of slowing yet.
This is a classic MACD divergence on the daily. Its not bad to see price come back here. Its good for the longer term outlook to build a stable base for the push to the much anticipated $100k. i have no doubt it will happen on the next run but who knows how long it will take to form this base support zone.
This is a quick look at my crypto watch. Not a recommendation to buy or sell. There has been some profit taking after what has been quite a strong rally. If you want to see more videos leave a like.
Just a quick 10 minute video looking at some of my cryptos.
The rally in the dollar looks similar to what we had in 2018 on the monthly. Should get some good momentum in the longer term. Tempting to take some long dated USD call options. Never tried options on FX.
Junk has caught a bid off the daily support. The weekly MACD divergence shows it could be temporary if a taper tantrum was to take hold.
BTCUSD weekly breakout. The boost came with the announcement of the long awaited futures ETF approval. Lets see if it gets traction with the insto's.
Just to add to the current global supply crisis, copper LME stockpiles have hit record low. Seeing what happens with this daily retracement.
Shiba the latest meme coin to be pumped for absolutely no reason looks set for a dump. Lets see. Will be interesting. Usually all the influencers who pump these coins hard will sell just as they tell everyone to buy. We live in strange times but interesting to watch.
Semiconductors reached peak bulltard due to shortages. The uptrend started back in 2013 and was barely affected by covid. At the peak it was 40% above the weekly kijun. Interesting to see what happens. The next big short or just an expected correction?
DXY breakout is holding for now. I always like to see a breakout test back to support before continuing higher.
S&P 500 breadth touched the critical level and bounced off. Could see the first red mth candle since Covid started.