Dead cat bounce or new high? [Video]

Ming Jong Tey Independent Analyst

Watch the free-preview video extracted from the WLGC session before the market open on 23 Apr 2024 below to find out the following:

The 2 telltale signs to anticipate and confirm the current correction
How to confirm the technical rebound and the target for the S&P 500
Why this market correction is different from Aug-Oct 2023?
The 2 key levels in the S&P 500 you must be aware of.
And a lot more…

The relief rally was anticipated 1 day before the live session as posted in the 20s market update post on 22 Apr 2024 (check out the post below if you haven’t)

Market environment

The bullish vs. bearish setup is 143 to 125 from the screenshot of my stock screener below.

Together with the slight improvement in the market breadth, buying the outperformers while riding the relief rally is a better option than late short-selling.

Market comment

4 “low-hanging fruits” KLG, LPG trade entries setup + 7 actionable setups CPNG and 5 “wait and hold” candidates were discussed during the live session before the market open (BMO).

KLG

LPG

CPNG

Author

Ming Jong Tey

Independent Analyst

Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.