Out of the Big Three, blue chips are the only ones to prevail today. The S&P and NAS had a rather muted open this morning, but the US30 ripped higher. The correlation between this index and the rest of the market have been a bit divergent as the US30 has been struggling to keep up with the other market rallies.
There has been speculation of a massive rotation from heavy speculative plays such as the AI trade with NVDA, AAPL, MSFT, AMZN, etc. to be in more reliable companies with dividends and more stability in high interest rate environments.
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There has been speculation of a massive rotation from heavy speculative plays such as the AI trade with NVDA, AAPL, MSFT, AMZN, etc. to be in more reliable companies with dividends and more stability in high interest rate environments.
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Gold remains the only clear bias when looking at USD related assets. As the metal remains a strong bullish signal on the EdgeFinder, prices finally start to rebound from last week's levels. A major obstacle for gold, however, is the dollar's strength as rate cut hopes dwindle.
Other countries have begun to cut rates which could be a sign that the US will follow suit at some point this year. Gold could serve as a great hedge against the 'looming' correction and weaker dollar in the next couple years.
Data from the A1 EdgeFinder
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Other countries have begun to cut rates which could be a sign that the US will follow suit at some point this year. Gold could serve as a great hedge against the 'looming' correction and weaker dollar in the next couple years.
Data from the A1 EdgeFinder
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Retail traders are still bearish on the UK100, USDJPY, GER30 and SPX500. The NASDAQ and gold remain mixed while other metals are the top bought. The RUSSELL- the most interest rate sensitive index - is majority long by retail traders as well.
Data from the A1 EdgeFinder
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Smart Money is buying oil, bond notes, and gold. Meanwhile, institutions continue to retreat from the indices. This could be a precursor to a correction in the stock market, especially if NVDA cracks.
Data from the A1 EdgeFinder
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Data from the A1 EdgeFinder
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BTCUSD 4H Chart
Nice start to this trade! Shared this buy signal yesterday during the selloff.
Longer term hold for me, as I'd like to have some exposure to crypto in my portfolio - but fully accept the volatility that comes with it!
Any crypto purchases could go to absolute zero, but the potential upside is very high if it becomes more mainstream over the years.
- Nick
Nice start to this trade! Shared this buy signal yesterday during the selloff.
Longer term hold for me, as I'd like to have some exposure to crypto in my portfolio - but fully accept the volatility that comes with it!
Any crypto purchases could go to absolute zero, but the potential upside is very high if it becomes more mainstream over the years.
- Nick
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Specifically, for A1 Trading or TraderNick followers, it is important that you are aware of impersonators. Across all social media platforms, there are hundreds of fake accounts impersonating Nick ("Tradernick") or other members of our team. It's alarmingly easy for someone to create a profile using our images and names to deceive others. We highly encourage everyone to spend the time to thoroughly read through this page so that you can be well informed on the scams that are currently affecting member of our community.
🚨 HOW TO IDENTIFY SCAMS & FAKE ACCOUNTS
Hi Traders! Unfortunately, the trading industry is plagued with scams. From false promises of guaranteed profits to accounts impersonating well-known industry figures, it is crucial to remain vigilant and always be on high alert.
Specifically, for A1 Trading or TraderNick followers, it is important that you are aware of impersonators. Across all social media platforms, there are hundreds of fake accounts impersonating Nick ("Tradernick") or other members of our team. It's alarmingly easy for someone to create a profile using our images and names to deceive others. We highly encourage everyone to spend the time to thoroughly read through this page so that you can be well informed on the scams that are currently affecting member of our community.
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S&P 500
Looking at the S&P after a minor pullback, stocks seem to want to cling to the uptrend. The summer months could be slow, and a lack of demand in the market might suggest sideways movement. Consumer confidence came out as expected this morning and lower than the previous month. Since January, consumer confidence has steadily declined nearly 14 points. It’s possible the market has topped for now, and support lies around $5,400.
Looking at the S&P after a minor pullback, stocks seem to want to cling to the uptrend. The summer months could be slow, and a lack of demand in the market might suggest sideways movement. Consumer confidence came out as expected this morning and lower than the previous month. Since January, consumer confidence has steadily declined nearly 14 points. It’s possible the market has topped for now, and support lies around $5,400.
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NVDA Is Showing A Strong Green Daily Candle Over Half Way Through The Day, What Do You Think Happens Next?📈🤔📉
Anonymous Poll
61%
NVDA Moves Back Up Towards All Time Highs
39%
NVDA Will Pullback Further
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Gold
More weakness in the gold market occurred after consumer confidence today. Price is still stuck in a consolidation zone and is having a hard time making any moves. The 2 year treasury yield is higher as today which could be a result of higher interest rate expectations for longer. -Frank
More weakness in the gold market occurred after consumer confidence today. Price is still stuck in a consolidation zone and is having a hard time making any moves. The 2 year treasury yield is higher as today which could be a result of higher interest rate expectations for longer. -Frank
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DXY Daily Chart:
Price looks like it may continue higher for the time being, with this strong price action today. Higher highs and higher lows can be seen on the 4H chart.
Meanwhile, Australian & Canadian inflation came out higher than expected this week, so the dollar may struggle at the previous highs if we get there.
If we see a strong breakout on higher than expected inflation readings on Friday (Core PCE is released), it could lead to a breakout through the highs. Conversely, a lower than expected read may reverse this dollar strength.
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Price looks like it may continue higher for the time being, with this strong price action today. Higher highs and higher lows can be seen on the 4H chart.
Meanwhile, Australian & Canadian inflation came out higher than expected this week, so the dollar may struggle at the previous highs if we get there.
If we see a strong breakout on higher than expected inflation readings on Friday (Core PCE is released), it could lead to a breakout through the highs. Conversely, a lower than expected read may reverse this dollar strength.
Any entries we take can be found in our VIP room.
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S&P 500
The SPX500 is back to a bullish reading on the EdgeFinder with the rest of the indices. Retail sentiment is now majority short stocks after COT reports showed an increase in buying activity for the week. In this slow week of news, it is possible to see the market drift higher by the end of the week. However, stocks are not showing a clear sign of direction yet. The recent choppiness is still putting pressure on the market’s optimism as the major indices may be looking to cool off from the latest run higher.
-Frank
The SPX500 is back to a bullish reading on the EdgeFinder with the rest of the indices. Retail sentiment is now majority short stocks after COT reports showed an increase in buying activity for the week. In this slow week of news, it is possible to see the market drift higher by the end of the week. However, stocks are not showing a clear sign of direction yet. The recent choppiness is still putting pressure on the market’s optimism as the major indices may be looking to cool off from the latest run higher.
-Frank
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When you see an overly bullish market, you tend to also see small caps outperform as well. The pressure that small caps are feeling are from the fear of higher interest rates. But if the market continues higher without the RUSSELL, there may be a catch-up trade in the small caps.
However, it is likely that the large cap tech companies' AI move could carry SPX and NAS higher and leave RUSSELL in the behind. There's too much speculation and potential risks involved that it is hard to trade a directional play unless you stare at your screen all day.
Data from the A1 EdgeFinder
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However, it is likely that the large cap tech companies' AI move could carry SPX and NAS higher and leave RUSSELL in the behind. There's too much speculation and potential risks involved that it is hard to trade a directional play unless you stare at your screen all day.
Data from the A1 EdgeFinder
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