Stocks Deliver a Bullish Signal

LikesMoney Independent Analyst

Stocks broke lower on Tuesday to form a daily swing high.

Tuesday was day 8 for the daily equity cycle. Despite forming a swing high, stocks delivered a bullish signal on Tuesday.

Stocks printed 950 million Buying on Weakness on Tuesday. That is a huge BOW number, the type normally seen during an intermediate cycle decline. Usually these large BOW numbers are bullish indicators for stocks. Notice the large BOW number that printed on May 2nd right before the cycle bottomed.

Stocks were getting a bit stretched above the 10 day MA. Factoring in the large BOW number it appears that Tuesday's swing high will allow price to catch up to the 10 day MA. Stocks have begun to close above the upper daily cycle band, indicating that stocks have begun a daily uptrend. So if stocks can form a swing low above the lower daily cycle band they will remain in their daily uptrend.

Author

LikesMoney

Independent Analyst

Assets (such as stocks, gold, and the dollar) have identifiable cycles.

EUR/USD stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus.

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling.

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.