Bitcoin Consolidates as Traders Eye 10k Level
Bitcoin sold off sharply on Thursday, testing the key 10,000 level as the US stock market experienced a major rout the same day.
Market Update – September 3
SPY and SPX (looking at SPX today to show more price history) traded through the line off of the January 2018 and February 2020 highs today. Let’s see where we finish the week though. Extending the line back in time reveals a lot of important pivots around or right at the line…I call this an ‘angle influence’. The monthly chart below shows that the line tags the 1932 and 1942 lows as well! Finally, I’ve shared several charts of tech names that made bearish volume reversals today (tech has been the high flyer).
The Future of Forex Trading and Video Gaming – When Cables Cross
Gambling is often referred to as gaming since the friendlier name is favoured by the industry to make their business sound more innocent than it is. Online Forex trading and the gambling industry have on many occasions been painted with the same brush, particularly by financial regulators and consumer watchdogs
Market Update – September 2
DXY traded 91.75 today before turning (exact midpoint between 91.50 and 92.00 by the way) higher. A daily volume reversal triggered in the process! We now have 2 triggers since 7/31, which is similar to the 2 triggers in January 2018 and summer 2018. Additional signals occurred in May 2016 and May 2014 (these are all circled on the chart below). Strength above 93.04 (high volume level from Powell’s Jackson Hole speech last Thursday) would break a 1 month wedge and suggest that the trend has reversed (hourly chart is below too).
Market Update – September 1
In financial futures, dealers are considered the ‘smart money’. They tend to be bearish at the top and bullish at the bottom. So, it usually pays to pay attention when their position becomes extreme. Well, the dealer short position in Euro is basically off of the bottom of the screen. In fact, the dealer short position in early 2018 (last big EURUSD high) pales in comparison to the current position. Price wise, pay attention to the levels noted yesterday.
Market Update – August 31
Is DXY still ‘trying’ to bottom? If so, then it needs to turn up around 92, which is the line off of the 2011 and 2014 lows (arithmetic scale). 91.50-92.00 has also been a major pivot since 1998. I sound like the boy who cried wolf but I’m on alert for a turn higher.
AUD/USD Rallies to 20-Month Highs
The Australian dollar climbed to its highest levels against the greenback since December of 2018 in early trading on Friday. The Aussie has been lifted by recent positive Sino-U.S. trade developments and better than expected economic data.
Market Update – August 28
Gold is sitting on top of the 2011 high…major level. A break below would open up 1765/90 (see hourly chart below), which is a well-defined zone and intersects the lower parallel of the Schiff fork from the high. Proposed resistance is 1941 (high volume level from today). As noted yesterday, I’ve been tracking near term fluctuations in GLD. High today was just above 185, which keeps the short term bearish channel intact (see yesterday’s GLD chart).
Steve Ward Interview
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