|

Why I was steadfast about SPX, NDX rising

Did S&P 500 decline to my support level of low 5,970s given to clients? It took time following a bit underwhelming retail sales and unemployment claims, yet hot manufacturing data, but it did. Similarly some more tech weakness in key big names (AAPL, NVDA, less so AMD and SMCI – check TSLA too) exercised their weight, but otherwise it had been a risk-on day, one of recovering from a shallow pullback (several attempts that got quickly bought) – in line with the premarket prospects shared.

Check out today‘s premarket video where I talk why failed chart patterns have such a great power, and I would say we‘re in for a surprise move – basing first, and then pushing higher. Didn‘t we have enough of a false breakdown already? Have a look at Bitcoin over $102K today, and beware of typical opex volatility off the open. Run though my latest articles or videos, and compare the breadth developments for yourself.

The clues are clear, and clients were told days ago already, their open profits are growing – here is a little commented preview of what Trading Signals and Stock Signals clients are getting.

Chart

Author

Monica Kingsley

Monica Kingsley

Monicakingsley

Monica Kingsley is a trader and financial analyst serving countless investors and traders since Feb 2020.

More from Monica Kingsley
Share:

Editor's Picks

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.