The previous week was filled with numerous data disclosures that provided deeper insights into the U.S. economy. Most notably, we saw the first month-over-month decline of the S&P Global Services PMI in 2023 (negatively affecting the S&P Global Composite PMI), a continuation of contraction in the manufacturing sector, and a slight decrease in the unemployment rate...
In our previous article on gold, we noted that we were still not turning bullish in the short-term as technicals on the daily and weekly time frame pointed to more downside. However, prior to that, we also noted that one development stood out to us, and it was decreasing volume accompanying the falling price. We stated this was a positive development for gold,...
This week, a barrage of U.S. data releases will help to shape investor sentiment. ISM Manufacturing PMI, ISM Manufacturing Employment, and S&P Global Manufacturing PMI are on today's schedule. Factory orders, FOMC minutes, and API crude oil stock change will follow on Wednesday. Then, on Thursday, imports, exports, ADP employment change, initial jobless claims,...
Bitcoin has been holding up above $30,000 for multiple days. At the same time, the number of large holders began to increase again (slightly), suggesting that whales are waiting for better prices and not selling yet. Overall, that is quite positive, but there are still a few things to watch out for that can cause the rally to reverse quickly. As a result, we are...
After finding its low at $40.32 in June 2022, Litecoin rose over 160% within the span of a half-year. However, since the February 2023 high at $105.69, Litecoin’s price trend has been erratic. Litecoin has been oscillating between the two converging bounds, forming an interesting setup that caught our attention. For now, we would like to stay out of the market and...
Today, we prepared for you a concise article about a new cryptocurrency exchange backed by the U.S. trading giants, Bitcoin ETFs, and a market wrap-up. EDX Markets Within the past few days, you might have caught the news about a new cryptocurrency exchange backed by big names like Citadel Securities, Sequoia Capital, Charles Schwab, Fidelity Digital Assets,...
In tandem with our expectations, gold broke below $1,900 yesterday and established a new low slightly above $1,893. That is normally described as a bearish development. However, we previously emphasized that the declining volume accompanying the declining price raises questions about decreasing selling pressure. With volume ticking up near yesterday's low and...
In early June 2023, we noted that VIX reached levels that preceded the 2022 market meltdown. After that, the index continued lower and advanced toward levels unseen since January 2020 (levels that preceded the 2020 market crash). The current low value of VIX reflects extremely high complacency in the market and the growing dismissal of any economic downturn on the...
In late May 2023, we expressed growing concerns about the short-term outlook for gold (on top of another warning preceding this one). Back then, we abstained from setting a price target but noted that $1,925 and $1,900 (and perhaps even $1,875) did not seem out of reach. Now, with $1,925 being taken out and gold dropping below $1,910, we believe there is still...
S&P 500 Index has been trending down since its high near $4,448 on 16th June 2023. During this period, the index retraced toward the 20-day SMA, and several technical indicators started to flash warning signs on the daily time frame; for example, RSI broke below 70 points, MACD and Stochastic began to reverse to the downside, and DM+ with DM- slightly converged....
Yesterday, Bitcoin broke above $30,800 on multiple cryptocurrency exchanges. Nevertheless, the momentum was not strong enough to propel Bitcoin back to its April 2023 high, which is slightly above $31,000. As a result, Bitcoin erased some of the early gains and temporarily fell below $30,000. Now, it trades near the $30,100 price tag, and we pay close attention to...
Following the news about the SEC and Binance.US striking an agreement on Friday (resulting in temporary restraining order on Binance.US assets being dismissed), Bitcoin rose above $26,000. Then, over the weekend, trading activity was relatively muted, with Bitcoin trading in the vicinity of $26,500. Interestingly, this level coincides with the value of the 20-day...
In the past two months, there were several exciting trading opportunities in the oil market amid speculation about the United States seeking to refill its Strategic Petroleum Reserves (SPR) and OPEC taunting more production cuts to propel the oil price higher. However, despite much of the talk among U.S. officials, the SPR continued to be drawn, with the crude oil...
Recently, we raised a word of caution over the impending selloff. Since then, Bitcoin has dropped below $25,000, constituting a new low. This move came amid our continuous emphasis on Bitcoin making lower lows and lower highs after topping near $31,000 in April 2023. Due to that, we pay close attention to levels at $25,270 (resistance) and $24,258 (support); if...
After breaking above the resistance near $4,200, SPX continued to grind higher for nearly two weeks. Currently, it trades close to the $4,350 price tag. Despite tomorrow’s Federal Open Market Committee (FOMC) meeting, the market is exceptionally complacent. That is reflected in the low value of the VIX that returned to levels unseen since February 2020. Technicals...
Yesterday, Bitcoin finally broke below $25,800 and established a new low at $25,389. This move came amid our recent speculation about Bitcoin potentially reversing the short-term/medium-term trend (from bullish to bearish). This fact is being reflected by Bitcoin making lower troughs and lower peaks after hitting $31,000 in April 2023. Due to that, we do not have...
VIX fell below $16 after trying to take hold of $20 last week. The current value of VIX coincides with that, which it contained in November 2021, just before the market meltdown began. Taking into consideration that interest rates are nothing like they were in 2021 and the rally in stocks has been thus far driven mainly by a handful of companies, we are growing...
Over the weekend, Bitcoin took off and broke above $27,666. Then, yesterday it reached a high of $28,452. However, Bitcoin failed to hold this level for an extended period and quickly faltered below the $28,000 price tag. What caught our attention is that Bitcoin fully retraced to the 50-day SMA, which successfully halted a buying spree. Furthermore, MACD and...