Market Analysis Overview
Bitcoin ($BTC ): Pushing higher today and appears to be in another consolidation (price moving sideways and slowing) after its breakout, which often precedes the next move. Technically, it still looks the best among major assets.
Equities & Earnings: Micron reports earnings after the close today (the biggest in weeks), with margins in coming quarters being the real question, while two other companies are under pressure on their results. The S&P 500 remains in its bullish zone and is less than 2% from its all-time high, though the equal-weighted index is more than 6% below its high—showing that a handful of large stocks are holding the market up.
Natural Gas: Remains weak, and a break of short-term support (a price area where buyers step in to defend against declines) could open further downside.
Gold & Silver: Bouncing slightly today, but both sit near an important trendline, where a break below could open significant downside. Both will take direction from yields.
Oil: Bouncing slightly, but this is the fourth hit on its ascending trendline, which weakens it.
US Treasury Yields: The US 10-year yield was rejected at its highest level since 2007 yesterday and is lower today, while the 30-year yield had reached its highest since 2002. Falling yields are positive for stocks, gold, silver, and Bitcoin alike.
Economic Data: Today's ADP employment data beat expectations, and PCE (the Federal Reserve's preferred inflation gauge) also came in better than expected, pulling yields lower and supporting futures.
Disclaimer: This is a market observation only, so base your trading decisions on your own research and risk tolerance.
Bitcoin ($BTC ): Pushing higher today and appears to be in another consolidation (price moving sideways and slowing) after its breakout, which often precedes the next move. Technically, it still looks the best among major assets.
Equities & Earnings: Micron reports earnings after the close today (the biggest in weeks), with margins in coming quarters being the real question, while two other companies are under pressure on their results. The S&P 500 remains in its bullish zone and is less than 2% from its all-time high, though the equal-weighted index is more than 6% below its high—showing that a handful of large stocks are holding the market up.
Natural Gas: Remains weak, and a break of short-term support (a price area where buyers step in to defend against declines) could open further downside.
Gold & Silver: Bouncing slightly today, but both sit near an important trendline, where a break below could open significant downside. Both will take direction from yields.
Oil: Bouncing slightly, but this is the fourth hit on its ascending trendline, which weakens it.
US Treasury Yields: The US 10-year yield was rejected at its highest level since 2007 yesterday and is lower today, while the 30-year yield had reached its highest since 2002. Falling yields are positive for stocks, gold, silver, and Bitcoin alike.
Economic Data: Today's ADP employment data beat expectations, and PCE (the Federal Reserve's preferred inflation gauge) also came in better than expected, pulling yields lower and supporting futures.
Disclaimer: This is a market observation only, so base your trading decisions on your own research and risk tolerance.