S&P has just undercut the lows of the last couple days, around 10 min ago, at 2623. This is a bearish development and likely puts further pressure on equities this am, with targets down near 4/25 lows near 2611- While the 200-day ma is here. It should have less and less relevance on multiple tests and expect a break through and no real support there, which could lead to the mid-2500s into next week before any bottom. For this to be WRONG. We need to recoup 2624 literally in the next 20-30 min.. And get back up over 2636.. Europe down fractionally while Asia getting hard hit and Bond yields turning lower coinciding with stock weakness- GOLD up 13, or 1%, and an area to favor as Dollar likely to consolidate gains and pullback in the days ahead.. DSI SENTIMENT VERY negative on Swissy, Euro in single digits and this pessimism should drive a bounce. Aka USD pulling back in the near future
TNX-Rolling over in yields down to new multi-day lows is a Negative for yields/Bond positive and on any close UNDER 2.9476, should lead to additional downside for yields over the next 3-5 days which would take yields down to 2.87
GOLD- Making above average gains this am on a bit of wobble in the US Dollar, though golds move looks more bullish on this breakout then the Dollar looks bearish just yet
Long IAU, GDX and expect further outperformance out of the Metals near-term
For those that care on Cryptos.. Bitcoin on the verge of a breakout. And Ethereum is even stronger right now.
ETHBTC--- Bullish- at Make or Break for acceleration- Up 6+% today.. this move likely represents the breakout move for Eth that should lead to more acceleration
The two arrows on the chart near the highs show prices exceeding the Ichimoku Cloud which is a positive but will also need the “lagging span” which is a backwards indicator of price lagged.. to also get up into this cloud. The combination of these should create a decent acceleration higher, and this looks imminent.
So this area here at .08 is quite important, and climbing over should help ETHBTC gain even more momentum.
Longs still held here. And would actually increase in the event ETHBTC can get up above .082. as this should drive prices to at least .09-.10 and potentially back to former highs initially.