S&P 500 could move towards the 4244 level

Anton Kolhanov Anton Kolhanov

Weekly forecast, April 17 – 21, 2023

Uptrend scenario

An uptrend will start as soon, as the market rises above resistance level 4173, which will be followed by moving up to resistance level 4223 – 4244.

Downtrend scenario

The downtrend may be expected to continue, while market is trading below resistance level 4173, which will be followed by reaching support level 4096 and if it keeps on moving down below that level, we may expect the market to reach support level 3937.

Monthly forecast, April 2023

Uptrend scenario

The uptrend may be expected to continue, while market is trading above support level 4073, which will be followed by reaching resistance level 4244 and if it keeps on moving up above that level, we may expect the market to reach resistance level 4382.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 4073, which will be followed by moving down to support level 3937 and 3839.

Author

Anton Kolhanov

Anton Kolhanov is a trader and an analyst. He started to study the Forex market in 2003.

GBP/USD flirts with tops near 1.3470

GBP/USD manages to regain composure and challenge the area of daily highs around 1.3470 on Friday. Cable picks up pace despite marginal gains in the Greenback in a context of swelling geopolitical tensions and rising global oil prices.

EUR/USD trims losses, back above 1.1500

EUR/USD picks up some pace and bouces off earlier lows, reclaiming the 1.1500 threshold and beyond at the end of the week. The pair’s modest pullback follows a persistent risk-averse market mood and renewed buying interest for the US Dollar.

Gold: The $4,000 mark holds the downside for now

Gold faces renewed selling pressure, falling sharply toweard the $4,000 mark per troy ounce as the US Dollar regains momentum. Escalating US-Iran tensions are keeping inflation concerns and expectations of further Fed rate hikes alive, weighing further on the yellow metal.

Bitcoin eyes 50-day EMA breakout, Ethereum consolidates, XRP steadies

Bitcoin, Ethereum, and Ripple trade near key technical levels on Friday as the broader cryptocurrency market pauses following last week's recovery. BTC is approaching the 50-day Exponential Moving Average while ETH continues to consolidate between two major EMAs.

Warsh needs to restore his reputation

We were glad to see our deeply negative reaction to the Warsh press conference was not some personal peculiarity. Just about everybody in the financial press felt the same way. The consensus is building it’s not the Fed in the dog-house but only Warsh. Today the WSJ changed it tune and blasted Warsh—"the honeymoon is already over..”

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.