đ Market Summary & Key Highlights
1. Cryptocurrencies & Commodities
* Bitcoin: Bitcoin keeps hitting its support (a price area where buyers step in to defend against declines) and that level is holding. However, the pattern is concerning since it isn't bouncing back strongly and is moving sideways instead, which often precedes a break lower.
* Natural Gas: Natural gas broke out yesterday and has pulled back to its trend line today; if that holds, the breakout stays alive.
* Silver: Silver fell roughly 4 percent today and appears to be confirming its breakdown.
* Gold: Gold has also broken below its support line and fell further after the hot inflation data.
2. Stocks & Earnings
* Drone Makers & Refining Companies: Two drone makers have reached important support levels that look interesting, while refining companies remain strong but quite extended.
* ASML: ASML delivered excellent results and raised guidance, yet the stock opened higher before turning lower, showing chip stocks are seeing selling even on good news.
* Financial Sector (Banks & Asset Managers):
* Bank of America's earnings missed expectations and the stock dropped sharply.
* Morgan Stanley was flat.
* BlackRock was modestly positive.
3. Economic Indicators & CPI Report
* US Dollar: The dollar is at a 15-month high (Trading Economics), not because the dollar gained value but because other currencies are weakening more.
* US 10-Year Yield: The US 10-year yield rose 9 basis points to 5.30 percent after the data (Qz).
* S&P 500: The S&P 500 sits below its all-time high and is opening lower today, yet remains in its bullish zone.
* CPI Report (Inflation):
* Annual inflation came in hot at 3.7 percent against 3.6 percent expected.
* Core inflation was 2.6 percent versus 2.5 percent expected, driven largely by energy prices (Trading Economics, FXStreet).
* This means inflation is no longer confined to energy but is spreading into other parts of the economy.
This is a market observation only, so base your trading decisions on your own research and risk
1. Cryptocurrencies & Commodities
* Bitcoin: Bitcoin keeps hitting its support (a price area where buyers step in to defend against declines) and that level is holding. However, the pattern is concerning since it isn't bouncing back strongly and is moving sideways instead, which often precedes a break lower.
* Natural Gas: Natural gas broke out yesterday and has pulled back to its trend line today; if that holds, the breakout stays alive.
* Silver: Silver fell roughly 4 percent today and appears to be confirming its breakdown.
* Gold: Gold has also broken below its support line and fell further after the hot inflation data.
2. Stocks & Earnings
* Drone Makers & Refining Companies: Two drone makers have reached important support levels that look interesting, while refining companies remain strong but quite extended.
* ASML: ASML delivered excellent results and raised guidance, yet the stock opened higher before turning lower, showing chip stocks are seeing selling even on good news.
* Financial Sector (Banks & Asset Managers):
* Bank of America's earnings missed expectations and the stock dropped sharply.
* Morgan Stanley was flat.
* BlackRock was modestly positive.
3. Economic Indicators & CPI Report
* US Dollar: The dollar is at a 15-month high (Trading Economics), not because the dollar gained value but because other currencies are weakening more.
* US 10-Year Yield: The US 10-year yield rose 9 basis points to 5.30 percent after the data (Qz).
* S&P 500: The S&P 500 sits below its all-time high and is opening lower today, yet remains in its bullish zone.
* CPI Report (Inflation):
* Annual inflation came in hot at 3.7 percent against 3.6 percent expected.
* Core inflation was 2.6 percent versus 2.5 percent expected, driven largely by energy prices (Trading Economics, FXStreet).
* This means inflation is no longer confined to energy but is spreading into other parts of the economy.
This is a market observation only, so base your trading decisions on your own research and risk