Has the market bottomed?
Some big names will tell you to cash out and others say the market bottomed. Today’s GDP was mixed. There was a decrease from October’s number but a beat in the forecast. Jobless claims fell to April lows of last year yet markets struggle to inch higher. Some good news is that the market is moving further away from the October lows and has already closed over a decisive level. It broke and closed above the falling trend line which it had been unable to do for the last 12 months. On top of that, there’s a potential golden cross pattern in the works.
As earnings continue to roll out, market volatility has been hard on investors who are confused with this tepid behavior. Support levels can be found around $3880s, $3760s, and $3490s-$3560s.
Some big names will tell you to cash out and others say the market bottomed. Today’s GDP was mixed. There was a decrease from October’s number but a beat in the forecast. Jobless claims fell to April lows of last year yet markets struggle to inch higher. Some good news is that the market is moving further away from the October lows and has already closed over a decisive level. It broke and closed above the falling trend line which it had been unable to do for the last 12 months. On top of that, there’s a potential golden cross pattern in the works.
As earnings continue to roll out, market volatility has been hard on investors who are confused with this tepid behavior. Support levels can be found around $3880s, $3760s, and $3490s-$3560s.
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Frank has been Nick's right hand man for more than half a decade, and has experience trading everything from stocks, to crypto, to forex. Frank also focuses on the fundamentals and technical analysis, but engages in mid to longer term swing trading.
Want to follow Frank’s trades? Become a VIP discord member to see all of Frank’s trades!
🎁 Take 10% off any membership with code ‘TGVIP’ https://a1trading.com/vip/
Has the market bottomed?
Some big names will tell you to cash out and others say the market bottomed. Today’s GDP was mixed. There was a decrease from October’s number but a beat in the forecast. Jobless claims fell to April lows of last year yet markets struggle to inch higher. Some good news is that the market is moving further away from the October lows and has already closed over a decisive level. It broke and closed above the falling trend line which it had been unable to do for the last 12 months. On top of that, there’s a potential golden cross pattern in the works.
As earnings continue to roll out, market volatility has been hard on investors who are confused with this tepid behavior. Support levels can be found around $3880s, $3760s, and $3490s-$3560s.
Some big names will tell you to cash out and others say the market bottomed. Today’s GDP was mixed. There was a decrease from October’s number but a beat in the forecast. Jobless claims fell to April lows of last year yet markets struggle to inch higher. Some good news is that the market is moving further away from the October lows and has already closed over a decisive level. It broke and closed above the falling trend line which it had been unable to do for the last 12 months. On top of that, there’s a potential golden cross pattern in the works.
As earnings continue to roll out, market volatility has been hard on investors who are confused with this tepid behavior. Support levels can be found around $3880s, $3760s, and $3490s-$3560s.
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NZD/CAD Analysis
Traders watch for a sudden pivot in this pair after Canada overtakes the kiwi in interest rates. Price made a double top on the 1D timeframe and hasn’t been able to come up to test that level again. The rally may be cooling off after a lower high was established and price comes down to test support. A break below this level could lead to a further sell off towards the 0.84839 level.
Traders watch for a sudden pivot in this pair after Canada overtakes the kiwi in interest rates. Price made a double top on the 1D timeframe and hasn’t been able to come up to test that level again. The rally may be cooling off after a lower high was established and price comes down to test support. A break below this level could lead to a further sell off towards the 0.84839 level.
CAD/JPY Analysis
CAD-yen looks to have some bullish potential after the BOC rate decision. Price is testing the top of a falling wedge pattern on the 1D timeframe which could result in a break. The pair continues to test that line but has not been able to push higher. If price cannot break this level, we could expect it to come down to test the bottom of the wedge again.
CAD-yen looks to have some bullish potential after the BOC rate decision. Price is testing the top of a falling wedge pattern on the 1D timeframe which could result in a break. The pair continues to test that line but has not been able to push higher. If price cannot break this level, we could expect it to come down to test the bottom of the wedge again.
CAD/CHF Analysis
Similar to CADJPY, this pair could be gearing for a run to the upside after rate news. We could see a test at resistance near the 0.69580s. Price still has quite a ways to go, but momentum is showing signs of a shift from downside to upside. Regardless of whether there is a long term shift to the upside or not, a long trade could still come out of this.
Similar to CADJPY, this pair could be gearing for a run to the upside after rate news. We could see a test at resistance near the 0.69580s. Price still has quite a ways to go, but momentum is showing signs of a shift from downside to upside. Regardless of whether there is a long term shift to the upside or not, a long trade could still come out of this.
🔥 +676 pips on SPX500! [Trade Update]
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Franks SPX500 trade is soaring! Here is an update he recently shared with VIP members.
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CAD/JPY Analysis
CADJPY has yet to break out of a wedge pattern on the 1D timeframe. The pair still appears to have some momentum to the upside, but a close above the trend line will be confirmation. Canada’s GDP is coming out this week which is expected to be the same growth from last month. Support lies below around 96.340s with resistance at a double top around 98.900s.
CADJPY has yet to break out of a wedge pattern on the 1D timeframe. The pair still appears to have some momentum to the upside, but a close above the trend line will be confirmation. Canada’s GDP is coming out this week which is expected to be the same growth from last month. Support lies below around 96.340s with resistance at a double top around 98.900s.
USD/CAD Analysis
Dollar-CAD could have faked a breakout on the 1D timeframe. Price broke below the wedge formation but bounced back up to hit resistance again. The US is expecting to have another rate hike this Wednesday, but only by 25 bp. Still, this less aggressive hike will still bump the dollar back in first place in terms of interest. If this was a fake-out, price could come back up to test the top of the wedge.
Dollar-CAD could have faked a breakout on the 1D timeframe. Price broke below the wedge formation but bounced back up to hit resistance again. The US is expecting to have another rate hike this Wednesday, but only by 25 bp. Still, this less aggressive hike will still bump the dollar back in first place in terms of interest. If this was a fake-out, price could come back up to test the top of the wedge.
USD/JPY Analysis
This pair is moving upward on the anticipation of another rate hike by the Fed. Analysts expect interest to come up by 25 bp, a decrease from the previous 50 bp hike. Price acme up to test resistance on the 1D timeframe but could be gearing to break higher towards the 134s. Today and tomorrow might be an uptrend until Wednesday’s big announcement. We also have to be prepared for a higher hike than expected if the Fed continues to do 0.5%.
This pair is moving upward on the anticipation of another rate hike by the Fed. Analysts expect interest to come up by 25 bp, a decrease from the previous 50 bp hike. Price acme up to test resistance on the 1D timeframe but could be gearing to break higher towards the 134s. Today and tomorrow might be an uptrend until Wednesday’s big announcement. We also have to be prepared for a higher hike than expected if the Fed continues to do 0.5%.
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Although still a neutral rating on the Edgefinder, SPX500 just crossed two important moving averages making a golden cross pattern on the 1D timeframe. Price also hit a rising trend line and bounced while showing signs of rejection from the lows. Tomorrow, Powell will make the statements regarding monetary policy in the FOMC statement. The new funds rate is expected to be 4.75%, and this will cause a lot of volatility within the USD and equities markets. We will have to keep watching to help choose a direction.
Two things to consider for tomorrow's FOMC:
What will Powell say for the months going forward? Will we expect some loosening from the Fed or will they continue to nail the hammer down?
What if the Fed surprises us? Everyone is expecting a less aggressive hike tomorrow, but we also have to consider the fact that rates could go up by 50 bp instead of 25
Two things to consider for tomorrow's FOMC:
What will Powell say for the months going forward? Will we expect some loosening from the Fed or will they continue to nail the hammer down?
What if the Fed surprises us? Everyone is expecting a less aggressive hike tomorrow, but we also have to consider the fact that rates could go up by 50 bp instead of 25
---
Depending on these considerations, SPX will experience a lot of volatility. More aggression means lower stocks, higher USD. A surprise means bad for stocks, good for USD because that will likely be followed by Powell letting us know that the Fed is still focused on that 2% inflation target and reaching it as soon as possible.
Depending on these considerations, SPX will experience a lot of volatility. More aggression means lower stocks, higher USD. A surprise means bad for stocks, good for USD because that will likely be followed by Powell letting us know that the Fed is still focused on that 2% inflation target and reaching it as soon as possible.
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Fed decided to raise rates by .25%. Inflation is slowing but so is the economy. GDP has decreased along with CPI. It suggests signs that the Fed is winding down on tight monetary policy, but they aren't quite ready for economic expansion. Powell's testimony will provide more insight at 2:30 pm EST