Analysis
Daily Market Technical and Fundamental Analysis
S&P 500 closed a bullish week, and it formed an excellent weekly bullish divergence. 200 weekly moving average (4-year average) was respected, and the price has formed a signal “not to sell” called “weekly inverted hammer”. After already 3-weeks of consolidation, the price showed the expected strength.
Inflation peaked. S&P 500 had a rough week. The prices collapsed by around 6% last week in a risk-off environment. US Crude Oil dropped down to 78 levels.
Tesla’s price is declining after the split and Fed’s hawkish tone. Technically the chart looks more bearish than bullish as it forms a Weekly bearish Head and Shoulders pattern. Fundamentally it is overvalued company based on our Discounted cashflow model.
EURUSD broke the consolidation and found its direction.
The Global macroeconomic situation doesn’t look so pretty. The deceleration continues, with significant European trouble and softness in the US and China.
The US economy continues to accelerate into recession-level conditions. The ECRI weekly leading index, for example, looks grim. European energy crisis deepens. Dax is declining. S&P500 is forming wave-4.
USDCAD visited the YTD highs at 1.3050s but failed to break up again. The price has formed a clear Head & Shoulder reversal chart pattern, where we took a sell position supported with good volume. If the price bounces back to the previous support to retest as new resistance, we will be ready to watch […]
USDCNH is gaining momentum After the noticeable Head & Sholders on the H4 chart, the price dropped to the target zone and formed an excellent Double Bottom Bullis Pattern. The price has broken above the neckline and reached 61.8 of Fibo level, which makes a good confluence level with the neckline of the H&S pattern, […]
GBPJPY pair was pretty nicely moving recently. We bought the very dip of the structure at the beginning of December and closed the long position on January 6th. What was the strategy of our long position back then? We bought inside the accumulation structure where bulls took control over the bears with bullish engulfing candlestick […]
