Tradersweekly

Tradersweekly Updated 

Today's focal point rests on the Federal Reserve's (FED) highly anticipated Federal Open Market Committee (FOMC) meeting, which is widely expected to increase interest rates by 25 basis points. This decision would mark the 11th rate hike since inflation started to go rampant in the United States as a result of unprecedented quantitative easing following the...

Tradersweekly Updated 

Over the weekend, the cryptocurrency market was relatively muted. Bitcoin continued to oscillate between $29,600 and $30,350. So far, it has not taken out a low at $29,508 from 18th July 2023. However, it also has not shown signs of stabilizing above $30,000. Therefore, we continue to wait for Bitcoin to either break below $29,508 or hold above the important...

Tradersweekly

Yesterday, after the market close, International Business Machines, Netflix, and Tesla unveiled their earnings for the second quarter of 2023. Investors did not take this news positively, and shares of all three companies slumped in response. Today, in the pre-market, Netflix is down more than 8%, Tesla more than 4%, and IBM approximately 1%. More U.S....

Tradersweekly Updated 

Bitcoin reached a new high of $31,818 last Thursday. The next day, we voiced concern over the potential trend reversal due to the falling number of Bitcoin addresses with balances exceeding 100 and 1000 tokens, implying that big players were taking profits (the same thing happened in April 2023 after Bitcoin rose above $31,000, preceding the drop below $25,000)....

Tradersweekly Updated 

Silver is a precious metal that has long been valued for its versatility, beauty, and rarity. Its unique properties have made it an important material for both monetary and industrial uses. While silver is often overshadowed by gold in terms of investment appeal, it has its own unique investment potential that should not be overlooked. Based on the data from The...

Tradersweekly Updated 

There has not been much going on in the cryptocurrency market, with Bitcoin being stuck between $30,000 and $31,500 for nearly a month now. During this time, the volume decreased, and indicators like RSI and MACD started to show signs of weakness on the daily chart. In addition to that, Bitcoin began to lag with gains behind the tech sector, which was previously...

Tradersweekly

Many of you know that we have been skeptical about the rally in the stock market over the past year. In fact, we called it a bear market rally and touted a decline toward $3,400 once it ran out of steam. Our thesis for this thinking was that unemployment would start picking up, corporate earnings would decline, and interest rates would lead to cracks in the...

Tradersweekly Updated 

The previous week was filled with numerous data disclosures that provided deeper insights into the U.S. economy. Most notably, we saw the first month-over-month decline of the S&P Global Services PMI in 2023 (negatively affecting the S&P Global Composite PMI), a continuation of contraction in the manufacturing sector, and a slight decrease in the unemployment rate...

Tradersweekly Updated 

In our previous article on gold, we noted that we were still not turning bullish in the short-term as technicals on the daily and weekly time frame pointed to more downside. However, prior to that, we also noted that one development stood out to us, and it was decreasing volume accompanying the falling price. We stated this was a positive development for gold,...

Tradersweekly Updated 

This week, a barrage of U.S. data releases will help to shape investor sentiment. ISM Manufacturing PMI, ISM Manufacturing Employment, and S&P Global Manufacturing PMI are on today's schedule. Factory orders, FOMC minutes, and API crude oil stock change will follow on Wednesday. Then, on Thursday, imports, exports, ADP employment change, initial jobless claims,...

Tradersweekly Updated 

Bitcoin has been holding up above $30,000 for multiple days. At the same time, the number of large holders began to increase again (slightly), suggesting that whales are waiting for better prices and not selling yet. Overall, that is quite positive, but there are still a few things to watch out for that can cause the rally to reverse quickly. As a result, we are...

Tradersweekly Updated 

After finding its low at $40.32 in June 2022, Litecoin rose over 160% within the span of a half-year. However, since the February 2023 high at $105.69, Litecoin’s price trend has been erratic. Litecoin has been oscillating between the two converging bounds, forming an interesting setup that caught our attention. For now, we would like to stay out of the market and...

Tradersweekly Updated 

Today, we prepared for you a concise article about a new cryptocurrency exchange backed by the U.S. trading giants, Bitcoin ETFs, and a market wrap-up. EDX Markets Within the past few days, you might have caught the news about a new cryptocurrency exchange backed by big names like Citadel Securities, Sequoia Capital, Charles Schwab, Fidelity Digital Assets,...

Tradersweekly

In tandem with our expectations, gold broke below $1,900 yesterday and established a new low slightly above $1,893. That is normally described as a bearish development. However, we previously emphasized that the declining volume accompanying the declining price raises questions about decreasing selling pressure. With volume ticking up near yesterday's low and...

Tradersweekly

In early June 2023, we noted that VIX reached levels that preceded the 2022 market meltdown. After that, the index continued lower and advanced toward levels unseen since January 2020 (levels that preceded the 2020 market crash). The current low value of VIX reflects extremely high complacency in the market and the growing dismissal of any economic downturn on the...

Tradersweekly

In late May 2023, we expressed growing concerns about the short-term outlook for gold (on top of another warning preceding this one). Back then, we abstained from setting a price target but noted that $1,925 and $1,900 (and perhaps even $1,875) did not seem out of reach. Now, with $1,925 being taken out and gold dropping below $1,910, we believe there is still...

Tradersweekly

S&P 500 Index has been trending down since its high near $4,448 on 16th June 2023. During this period, the index retraced toward the 20-day SMA, and several technical indicators started to flash warning signs on the daily time frame; for example, RSI broke below 70 points, MACD and Stochastic began to reverse to the downside, and DM+ with DM- slightly converged....

Tradersweekly

Yesterday, Bitcoin broke above $30,800 on multiple cryptocurrency exchanges. Nevertheless, the momentum was not strong enough to propel Bitcoin back to its April 2023 high, which is slightly above $31,000. As a result, Bitcoin erased some of the early gains and temporarily fell below $30,000. Now, it trades near the $30,100 price tag, and we pay close attention to...