Tradersweekly

Tradersweekly

Following better-than-expected inflation print for April 2024, investors found once again an excuse for relatively bad data to be good for the market in anticipation of rate cuts, causing the S&P 500 Index (SPX) and other indices to soar to new all-time highs. However, just three or four months ago, the general expectations were for seven rate cuts in 2024,...

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Bitcoin exploded past $71,000 and, in the process, broke above the upper bound of the descending channel. This price action was accompanied by a rise in RSI, Stochastic, and MACD on the daily chart, all of which are bullish signs. However, with a recent slowdown in Bitcoin ETF inflows, it is in question how much upside potential is left before Bitcoin starts...

Tradersweekly

West Texas Intermediate crude oil trades near $79.80 per barrel, which happens to be slightly below the 20-day SMA and the lower bound of the ascending channel. A breakout above the moving average will bolster a bullish case for oil in the short term, especially if the price closes above the 20-day SMA for multiple consecutive days; the same applies to a breakout...

Tradersweekly Updated 

On Monday, we outlined a neutral trend of a lesser degree, as implied by the daily chart. In addition to that, we observed a formation of the inverted head and shoulders on the 3-hour chart, noting the potential for a small price surge if the neckline was broken to the upside. Interestingly enough, in a broad market risk-on move yesterday, Bitcoin (BTCUSD) rose...

Tradersweekly Updated 

With economists celebrating the "goldilocks economy" and VIX breaking below the lower bound of the pattern, the big question lingers: "Is this another fakeout before resurgence to $20?" Illustration 1.01 The yellow arrow indicates a breakout below the lower bound of the pattern we have been observing since its early formation. Please feel free to express...

Tradersweekly Updated 

Bitcoin continues to hover within the downward-sloping channel, and the trend of a lower degree remains neutral, as implied by the low value of the daily ADX and choppy price action. With these developments in place, the focus lies on support at $60,760 and $60,000; a breakout below these two levels will bolster a bearish case in the short term, especially a...

Tradersweekly Updated 

The price of uranium, known as yellow cake, has more than doubled in the past year amid a significant imbalance between supply and demand in the global market, sending uranium-related assets soaring to the sky. In addition, the return of Japanese appetite for carbon-free energy and the restart of two nuclear reactors last year, along with plans to restore more...

Tradersweekly

The inflation rate, CPI, and retail sales for the previous month will be released tomorrow. The general market expectations are that the inflation rate advanced higher by 0.4% MoM and 3.4% YoY in April 2024. The CPI is forecasted to come in at 313.75, and retail sales are expected to soar by 0.4% MoM, slowing down from an increase of 0.7% in March 2024. However,...

Tradersweekly

Airbnb delivered its quarterly results for the first quarter of 2024, surpassing analysts' estimates on the top and bottom lines. The company reported revenue growth of 18% YoY, bringing the figure to $2.1 billion. The net income was $264 million, up 126% YoY, and operating income amounted to $1.9 billion, recording an increase of 18% YoY. Per the investor letter,...

Tradersweekly

The trend represents the directional movement of prices and plays an essential role in most technical trading systems. Technical analysis differentiates between trending and non-trending markets, also called flat trending markets. Trending markets can be either moving upwards or downwards. The upward-moving market is called the bull market, while the...

Tradersweekly Updated 

Following a breakdown below $57,000, Bitcoin (BTCUSD) rebounded last week in a broad market risk-on move. Currently, it trades near the $64,000 price tag, situated slightly above the 20-day SMA, which now acts as a critical support level; a failure to hold ground above this level will be concerning, while a success could foreshadow continuation higher. With that...

Tradersweekly

Last Friday, the SPX gapped up at the open and temporarily broke above the 50-day SMA during the trading session. Finally, yesterday, the SPX managed to close above this line of resistance, which is a positive development. However, a failure of the price to defend the ground above this level, now acting as support, for multiple consecutive days will be concerning....

Tradersweekly Updated 

Amid a quick change in the market sentiment in mid-April 2024 and subsequent weakness in stocks, West Texas Intermediate crude oil (USOIL) retreated from its highs to $78 per barrel. In the process, USOIL broke below the lower bound of the ascending channel, and the daily time frame turned bearish, with MACD crossing below the midpoint, Stochastic falling into the...

Tradersweekly

Apple delivered its financial results for the second quarter of fiscal year 2024. According to the report, the company generated revenue worth $90.753 billion, down 4.3% YoY, and net income of $23.636 billion, representing a decrease of 2.16% YoY. Operating income amounted to $27.9 billion for the same period, falling 1.5% YoY. In addition to that, Apple announced...

Tradersweekly Updated 

Israel retaliated against Iran overnight, which saw the price of WTI crude oil jump nearly 4.5% before giving up some of its gains. Per media reports, three large explosions were heard in the country's south, and the U.S. official announced Israel successfully hit some of the targets, something Iran was quick to deny. Without regard for damages, it is already...

Tradersweekly

The first documented use of charts goes back to ancient Babylonia, where their early forms were used primarily for record-keeping by astrologists and merchants. Then, sometime between the 5th and 6th century A.D., these graphical representations developed into a form reminiscent of today’s charts. Further refinement and development of charting techniques...

Tradersweekly

Yesterday's FOMC meeting concluded with a decision to keep the monetary policy unchanged, leaving the federal funds rate at 5.25% to 5.5%. During the subsequent press conference, Jerome Powell outlined the solid state of the economy alongside heightened inflationary pressures. Notably, he disclosed plans to commence with the reduction in quantitative tightening...

Tradersweekly Updated 

The SPX has rallied approximately 3.5% since its lows on 19th April 2024 and well into the two-day FOMC meeting that kicks off today. In line with general market expectations, we do not anticipate any change to the central bank’s monetary policy, and just like on previous occasions, we expect Jerome Powell to reiterate the FED’s commitment to fighting inflation...