Realized over the past few weeks that people like more visuals than reading a lot of boring text about the financial markets so decided to change the format of the weekly blog to more technical chart studies & less text. Moving on, U.S stocks posted new highs, Dollar was on the rise against Majors after a brief technical rebound & Cryptos weakened significantly yet again.
The Crazy Cryptoverse
The Cryptos fell yet again this week and the Total MarketCap sits @ 250 billion at the time of writing as the digital coins try to find a higher low. The bounce last last week proved temporary as the Crypto space saw yet another hacking. Let’s review the charts for the Top Five Cryptos where EOS was the weakest of them all.
Bitcoin (BTCUSD – MT Bearish, ST Bearish)Ethereum (ETHUSD – MT Bearish, ST Bearish)\
Bitcoin Cash (BCHUSD – MT Bearish, ST Bearish)
Ripple (XRPUSD – MT Bearish, ST Bearish)
EOS (EOSUSD – MT Bearish, ST Bearish)
Following are the main headliners in Cryptos last week:
- Major Futures Exchange CBOE Files For Bitcoin ETF, Increasing Probability of Approval
- Hackers steal $23.5 million from cryptocurrency exchange Bancor
- Malta-Based Crypto Firm Stasis Launch Euro-Pegged Stable Cryptocurrency
- Opera Browser Introduces a Built-in Cryptocurrency Wallet
- Swiss-Based Sirin Labs to Release Blockchain-Based Smartphone in November
- Crypto Exchange Binance is Backing the World’s First Decentralized Bank in Malta
The technical rebound in the Majors against the Greenback lost steam already with the USD strength this week. Political moves in Turkey pushed the Lira even further extending one of the biggest slides across emerging markets this year. While on the other side China has guided the yuan to its largest one-day drop against the U.S. dollar in a year and a half as the Trade war heats up. Next week is a busy for the Economic calender with CPI numbers release from Canada, Japan, England & New Zealand. Also data releases of Australian employment, Chinese GDP & U.S Advanced retail sales will be in focus. Let’s look at the Short term moves of in the 5 USD Majors.
EURO (EURUSD – MT Bearish, ST Neutral)
POUND (GBPUSD – MT Bearish, ST Bearish)
YEN (USDJPY – MT Neutral, ST Bullish)AUSSIE (AUDUSD – MT Bearish, ST Bearish)
LOONIE (USDCAD – MT Neutral, ST Bearish)
Global Equities posted a smart recovery with the U.S Equities leading the way. The American indices were on a Rip last week led by the Techs. S&P 500 lead to the best close since February of this year. The clouds of doubt still remain on the horizon however with the trade tariffs issue hanging in balance between the two biggest economies of the world. Taking a look at the weekly numbers of the Major Markets around the world, we can see bullish sentiment ruling across the board.
U.S. — DJIA (+2.30%), S&P 500 (+1.50%), NASDAQ (+2.34%),
Europe — FTSE100 (+0.58%), DAX (+0.36%), CAC 40 (+0.98%)
Asia — Nikkei 225 (+3.71%), BSE Sensex (+2.48%), Shanghai 50(+3.09%)
Analyzing the S&P chart it evident that the Index has settled in a bullish channel overtaking the previous high. The bullish momentum looks to continue with immediate ST support @ 2791.43. The upside is expected to stick around as long as 2745 holds. In other news, Clinical-stage biotech Vaccinex has filed for an initial public offering with an initial registration of $46M. The company’s looking to list on Nasdaq Global Market under the symbol VCNX.
And before we fold off things here is the Trade idea of the week – BA.
The markets certainly looked like this last week – Happy Trading everyone!