Ming Jong Tey
Independent Analyst
Despite the bearish sentiment in the stock market, S&P 500 was oversold and should attempt to rally up according to Wyckoff’s efforts vs results.
Watch the video below to find out how the coming FOMC announcement for the rate hike could stir up for a huge momentum swing. It is essential to pay attention to how S&P 500 reacts at these key levels in order to form the trading plan for short-term swing trading.
The bullish setup vs. the bearish setup is 166 to 243 from the screenshot of my stock screener below pointed still a negative market environment.
Despite the rebound in S&P 500 as anticipated, the stock market breadth is lacking behind suggested an upside non-confirmation, which is not a healthy market. Semiconductor group (SMH)remains as outperforming in the short-term, medium and longer term since Oct 2022 as discussed during the live session. The video above is part of the latest Weekly Live Group Coaching Session (1.5 hours) on 23 Mar 2023.
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EUR/USD faces a slight selling pressure, putting the 1.1700 support to the test on Thursday. The unexpectedly positive weekly readings from the US labour market data bolsters the USD and puts the risk complex under extra pressure, as market participants seek clarity regarding EU-US trade relations.
Crypto market sees $500 million in liquidation as Bitcoin hit record highs amid dovish Fed minutes
Bitcoin reached a new all-time high of $111,999 on Wednesday amid dovish Fed minutes, fueling wider market optimism. CoinGlass data shows that over $500 million in leveraged positions were liquidated across crypto markets in the past 24 hours.
GBP/USD flirts wih weekly lows near 1.3550
GBP/USD remains under scrutiny, declining toward the mid-1.3500s after a brief recovery attempt earlier in the day. The cautious approach in the market, coupled with positive US data, enables the Greenback to maintain its position, preventing Cable from gaining momentum as attention shifts to developments regarding US tariffs.
Gold remains bid near the $3,320 zone
Gold clinches small gains above the $3,300 mark per troy ounce on Thursday, yet it faces challenges in extending the gains achieved on Wednesday. The benchmark US 10-year yields have stabilised after a significant drop the previous day, creating challenges for XAU/USD in its attempt to rise further.
New US tariffs target Asia, but some countries stand to gain
President Trump’s new tariffs are higher than expected for most Asian economies. Moreover, most countries will face additional tariff rates on transshipments. The new announcements are silent on Singapore, India and the Philippines, which might stand to benefit from tariff concessions if negotiations progress favourably.
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