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A few weeks ago, I would describe the equity markets as exciting, invigorating, and captivating. How about these days? Oh, I’d say “annoying” and “tiresome” would do nicely. At this very moment, the /ES is just grinding away, doing a lap dance on the resistance trendline and trying to create some more meat to throw at the bulls. As I said: tiresome.
There have been a couple of very decent looking short setups here on SPX and NDX this week, and both times the markets just ripped up through them. The bear flags formed and broke up, the SPX, NDX and INDU broke back up over their daily middle bands and are now testing their monthly pivots, while multiple hourly sell signals that had fixed at these obvious resistance levels failed, including two each on ES and NQ. Altogether it was an ugly week for the bears.
In the short term there are very clear bull and bear scenarios here on Crypto, clearest on SOLUSD (Solana), though on the bigger picture these are still likely bull flags forming.
In terms of that larger picture, resistance is still at the daily middle bands, and on BTCUSD (Bitcoin) that is currently in the 61,246 area. A sustained break above that likely signals that the move to retest the all time high at 73.8k is in progress.
BTCUSD daily chart:
A decent looking low on crypto was made a few days ago. On the bigger picture these are likely bull flags forming on BTCUSD (Bitcoin), and SOLUSD (Solana), and probably on ETHUSD (Ethereum) as well, though the setup is muddier there. All three are still below their daily middle bands though and, while that remains the case, we could still see lower lows before they likely go higher.
SOLUSD daily chart:
The momentum surrounding artificial intelligence (AI) is steadily beginning to wane following recent disappointing earnings seasons that involved several of the biggest U.S. technology companies.
Though the reported results weren’t the worst we’ve seen, in fact, some companies reported better-than-expected results, the overall performance on the stock market was relatively muted, despite some big-tech names delivering improved results.
After starting 2024 at a sluggish pace, investors are beginning to wonder whether the hype surrounding artificial intelligence and those companies fueling the development will continue to hold their momentum in the coming months and heading into 2025.
(more…)
