Waqar Zaka
Bitcoin is pulling back today but its chart remains the strongest compared with gold and silver, with the level that was previously resistance (a price area where selling pressure tends to build) now acting as support (a price area where buyers step in to defend against declines), keeping the outlook positive while it holds. A database company's stock fell more than 23 percent after its CEO announced a departure, while Nvidia rose on news of a 170 billion dollar buyback. Natural gas is pulling back again after its sharp rally and has returned to a technical zone. Gold and silver both fell hard today, with gold down over 3 percent to below 4,160 dollars and silver off roughly 3.6 percent to near 62 dollars, driven by a strong dollar, rising yields and expectations of further Fed hikes (Bloomberg, Outlook Money). The dollar index is at a two month high near 101.39 (Outlook Money). Oil is higher again with Brent above 100 dollars after US-Iran talks on the Strait of Hormuz failed to produce a breakthrough (Bloomberg). The US 10 year yield has reached 5.23 percent, and markets now price roughly 70 percent odds of another hike in October and around 95 percent for December (Trading Economics, Yahoo Finance). The S&P 500 is opening slightly lower but holds above its key line and has broken out of its bull flag (a brief consolidation after a sharp rally that often precedes the next leg up). This week brings PCE data (the Fed's preferred inflation gauge) and Micron earnings on Wednesday, with the jobs report Friday. This is a market observation only, so base your trading decisions on your own research and risk tolerance.
$BTC $ETH $SOL
Bitcoin is pulling back today but its chart remains the strongest compared with gold and silver, with the level that was previously resistance (a price area where selling pressure tends to build) now acting as support (a price area where buyers step in to defend against declines), keeping the outlook positive while it holds. A database company's stock fell more than 23 percent after its CEO announced a departure, while Nvidia rose on news of a 170 billion dollar buyback. Natural gas is pulling back again after its sharp rally and has returned to a technical zone. Gold and silver both fell hard today, with gold down over 3 percent to below 4,160 dollars and silver off roughly 3.6 percent to near 62 dollars, driven by a strong dollar, rising yields and expectations of further Fed hikes (Bloomberg, Outlook Money). The dollar index is at a two month high near 101.39 (Outlook Money). Oil is higher again with Brent above 100 dollars after US-Iran talks on the Strait of Hormuz failed to produce a breakthrough (Bloomberg). The US 10 year yield has reached 5.23 percent, and markets now price roughly 70 percent odds of another hike in October and around 95 percent for December (Trading Economics, Yahoo Finance). The S&P 500 is opening slightly lower but holds above its key line and has broken out of its bull flag (a brief consolidation after a sharp rally that often precedes the next leg up). This week brings PCE data (the Fed's preferred inflation gauge) and Micron earnings on Wednesday, with the jobs report Friday. This is a market observation only, so base your trading decisions on your own research and risk tolerance.
$BTC $ETH $SOL
