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S&P 500 Daily Chart Analysis For Week of March 29, 2024Technical Analysis and Outlook: The S&P 500 index experienced a change in direction during its journey toward a Mean Support level of 5177 and bounced back to retest the Key Resistance level of 5260. The current upward trend indicates that it will reach the target of Outer Index Rally 5280, which has been long-awaited, with a high possibility of continuing the upward trend to the next Outer Index Rally of 5342. On the downside, Spooz may visit the newly created Mean Support level of 5203, which is expected to act as a launching point to reignite its bullish trend.
SP:SPX
by TradeSelecter
EUR/USD Daily Chart Analysis For Week of March 29, 2024Technical Analysis and Outlook: According to the Daily Chart Analysis for the week of March 22, the Eurodollar has successfully completed a Squeeze Currency Dip of 1.078, which was the primary target. Consequently, this momentum is projected to generate further selling pressure, leading to a decline to the Mean Support level 1.070. Ultimately, the Eurodollar is anticipated to hit an Inner Currency Dip of 1.065. However, it is essential to note that a potential intermediary rebound may occur, which could result in a move to a target of 1.084.
by TradeSelecter
Bitcoin(BTC/USD) Daily Chart Analysis For Week of March 29, 2024Technical Analysis and Outlook: Bitcoin has achieved a decisive breach of its weak Mean Resistance level 68400, and is now eying the completed Inner Coin Rally 72500 and significant Key Resistance level 73200. The market anticipates that attaining these levels will set in motion a major bull run, with the primary target being the Inner Coin Rally 78200 first. However, it is essential to note that a potential takedown may occur, which could result in a decline to 66700.
BITSTAMP:BTCUSD
by TradeSelecter
CHARTOLOGY 101 --- 43 years in the makingThe bigger the pattern the bigger the consolidation the more explosive the move how about this Chart Porn? Cup and handle I expect the log tgt not only to be made but surpassed given yesterdays event's in #baltimore Yup Massive east coast supply chain disruptions to be expected Ports jammed Aviation fuel disruptions Major economic ripples could transpire form this the east coast is home to 120 million people I believe .. Wow Stock up on your Cadbury's and many other things ... :0
ICEUS:CC1!
by BallaJi
Macro Monday 39 (Part B) - Predictive Power (EU ZEW Vs EU ESI)Macro Monday 39 (Part B) This chart is a summary of the past two weeks of work in Macro Mondays on the EU Sentiment The Chart illustrates the forward looking Euro Area ZEW Sentiment Index (red line) and the current sentiment outlook via the Euro Area Economic Sentiment Index (the "ESI", the blue line). In the chart I have used thick orange lines to illustrate when the forward looking ZEW Index moved negative ahead of the ESI Index. I have used thick green lines to inform of us of when the ZEW Index moved into optimism ahead of the ESI Index. The Chart demonstrates that the ZEW Index is actually a moderately decent forward looking indicator. Hats off to those 350 economists that complete the surveys in the ZEW Index. Whilst it has been great at providing some leads, the ZEW Index is not always accurate and does not always offer the correct lead direction however historically we can see that it certainly has had predictive power at certain junctures and thus its a useful data set to monitor for EU sentiment. ▫️ At present the forward looking ZEW Index has moved into optimism whilst the current outlook via the ESI is in pessimism. ▫️ If the ZEW Index gets above the 38-42 level, it would really help concrete the sentiment shift to optimism. This is not disregarding the fact we are firmly in positive forward looking sentiment territory already. Historically there have been many rejections lower from this 38 -42 level, thus getting above it would be a real conclusive move. Furthermore, the ESI is at 95.4, if the above were to occur with a move above 38 - 42 on the ZEW Index and the ESI was to move above 100 into positive territory, we could really start to lean firmly positive for the present and into the future. The beauty of this chart is that you can go onto my TradingView Page and press update, and the chart will update you with both metrics, informing you at a glance with how these metrics are performing collectively with a nice visual guide. Thanks again for coming along and I hope this chart helps you in your current and future understandings of EU Economic Sentiment, which is an important global economic lead. Bottom line is, economic sentiment appears to be leaning optimistic for the immediate future, however we await more readings for a conclusive trend direction. PUKA
ECONOMICS:EUESI
by PukaCharts
$JPIRYY -CPI (YoY)ECONOMICS:JPIRYY Japan Inflation Rate Lowest in A Year The annual inflation rate in Japan fell to 3.0% in September 2023 from 3.2% in August, pointing to the lowest reading since September 2022. Meantime, core inflation rate dropped to a 13-month low of 2.8%, slightly above market consensus of 2.7% while staying outside the Bank of Japan's 2% target for the 18th month. Core inflation rate dropped to a 13-month low of 2.8%, slightly above consensus of 2.7% while staying outside the Bank of Japan's 2% target for the 18th month. On a monthly basis, consumer prices rose 0.3% in September, after a 0.2% gain in August. source: Ministry of Internal Affairs & Communications source: Ministry of Internal Affairs & Communications
ECONOMICS:JPIRYY
by Mr_J__fx
U.S. Initial Jobless Claims (Updated Chart with todays release)U.S Initial Jobless Claims Rep: 187k ✅ Lower Than Expected ✅ Exp: 207k Prev: 203k (revised up from 202k) A positive release today with initial claims coming in much lower than expected. Chart Trend We are very close to taking out the lows from Oct 2022 at 180k claims on the chart. Importantly these charts do not update with revised figures and factoring in revised data the low was 167k in April 2022 (a little earlier and a little lower). In any event these sorts of lows in Initial Claims have not been seen since May 1969. Recession Watch The chart below has min, avg and max levels on the bottom left to illustrate the levels we would need to hit for increased recession risk. Right now this chart has not demonstrated increased risk. We need be careful and watch for the average increase of 71k pre recession as illustrated on the chart. Lets see what next months reading informs. Continuous Claims up Next 💪🏻
ECONOMICS:USIJC
by PukaCharts
1
$GBIRYY -CPI (YoY)The inflation rate in the United Kingdom remained stable at 6.7% in September 2023, holding at August's 18-month low and defying market expectations of a slight decrease to 6.6%. Softer price increases in food and non-alcoholic beverages (12.1% vs 13.6% in August) and furniture and household goods (3.7% vs 5.1%) were offset by a smaller decline in energy costs (-0.2% vs -3.2%) on the back of a monthly rise in motor fuel costs. Moreover, the core inflation rate, which excludes volatile items such as energy and food, dropped to 6.1%, reaching its lowest point since January but slightly exceeding forecasts of 6%. Both of these figures have remained significantly above the Bank of England's 2% target, further emphasizing the mounting inflationary pressures in the country and complicating further the task for policymakers who are expected to keep interest rates unchanged at the upcoming meeting. On a monthly basis, the CPI rose by 0.5% in September, the most substantial increase since May. source: Office for National Statistics
ECONOMICS:GBIRYY
by Mr_J__fx
DAX, will the next crisis end the current phase?Hello everyone, this is not a usual trading analysis. So don't take any trades from monthly levels, as you can't manage the risk at all. What you can see is my try to figure out how the DAX went through different states of price development and really interesting to see is, that every big crisis ended one phase and opened a new one. In my point of view we are currently at the way to the upper boundary of the recent phase and should reach it within the next year. The question is, where will the price finally find a solid ATH and start to correct? According to my last daily analysis a strong zone could be around 17.600, but if the economy is holding really strong into next years, higher prices are possible of course. If you want to be in the big short trade, that I'm anticipating from the upper boundary, you have to wait patiently for a fundamental crisis, which has more impact than the banking crisis, energy crisis or the current wars, as they didn't stop the price for a long time. The only reason I can anticipate for now is a comeback of high inflation with even higher interest rates, that end up in a big recession and the consequences for the banking and financial system. I will monitor this scenario next year, especially the month february and march are likely to offer crisis potential.
XETR:DAX
by Kyrean
S&P 500 Daily Chart Analysis For Week of March 15, 2024Technical Analysis and Outlook: Based on the chart analysis for March 8, it has been observed that the S&P 500 (Spooz) index has initiated a renewed downward trend from the completed Outer Index Rally 5170. The Spooz targets a newly created Mean Support level of 5096, which is anticipated to serve as a rebound point, enabling the index to retest the completed Outer Index Rally 5170. The subsequent important target for the index is the Outer Index Rally 5280. However, it is essential to note that there exists a possibility of the index experiencing a dip and resting at the Mean Support level of 5060.
SP:SPX
by TradeSelecter
2
EUR/USD Daily Chart Analysis For Week of March 15, 2024Technical Analysis and Outlook: During this week's trading, the Eurodollar had difficulty surpassing our Mean Resistance level of 1.097. As a result, it continued to move towards our Mean Support level of 1.087, which could lead to further selling pressure, resulting in a decline to the Mean Support level of 1.080. Nevertheless, the currency could reach the Inner Currency Dip of 1.100 before potentially resuming a bearish trend.
by TradeSelecter
🚨 Bitcoin NOT at all-time high yet! 🚨🚨 Bitcoin NOT at all-time high yet! 🚨 I developed this formula a long time ago and have been observing it. When the founder of ADA (Charles Hoskinson) said that the previous Bitcoin all time high was $69,000 based on the value of the dollar in 2021, I remembered my formula. The essence is quite simple: multiply the sum of the Fed's liabilities, the US budget balance, and the debt-to-GDP ratio by the dollar index and divide by the price of Bitcoin. From an economic point of view, this formula attempts to correlate US monetary and fiscal indicators, as well as the strength of the dollar, with the price of Bitcoin. It is my attempt to measure the "fundamental value" of Bitcoin relative to the indicators of the US economy and the strength of the dollar.
FRED:RRPONTTLDLong
by sholi_software
S&P 500 Daily Chart Analysis For Week of March 8, 2024Technical Analysis and Outlook: According to the chart analysis for March 1, the S&P 500 (Spooz) index continued to perform exceptionally well, achieving our expectations again. The index bounced off the solid Mean Support level of 5060 on March 5 and reached our designated target of the Outer Index Rally at 5170. This was a significant achievement, as it triggered designated a pivotal squeeze aimed back to the Mean Support level of 5060. The index has the potential to visit the well-established Mean Support level of 4950, which has proven to be a very steady level in the past. It is worth noting that once the pivotal pullback level is achieved, the index will continue its journey toward the outer index rally at 5280. This indicates that the index is on a steady upward trajectory and is expected to perform well in the near future, and traders and investors can expect positive investment returns.
SP:SPX
by TradeSelecter
3
EUR/USD Daily Chart Analysis For Week of March 8, 2024Technical Analysis and Outlook: In this week's trading, the Eurodollar saw a remarkable surge, breaking through our Mean Resistance levels of 1.085 and 1.090. The currency marched forward with significant momentum, leaving behind the previous trading range. However, based on the recent price trend and market analysis, we anticipate the Eurodollar will retrace its steps and move lower toward our projected Mean Support level of 1.087. This could trigger further selling pressure, leading to a decline to the Mean Support level of 1.080. Despite this, there is a possibility of the Eurodollar reaching the Inner Currency Dip of 1.100 before potentially resuming a bearish trend.
by TradeSelecter
Bitcoin(BTC/USD) Daily Chart Analysis For Week of March 8, 2024Technical Analysis and Outlook: Bitcoin's price has risen this week, surpassing Major Key Resistance 67530 and the all-time high of 69000. Its ongoing targets are the Inner Coin Rally 72500, the Next Inner Coin Rally 78200, and the Outer Coin Rally 81400. A slight dip to the Mean Sup at the 63800 price is expected before the next rally. Despite the increasing acceptance and rise in investor interest, the cryptocurrency Bitcoin remains subject to volatility and market fluctuations. As such, it is imperative to maintain rigorous vigilance over its price movements and market trends to make informed investment decisions.
BITSTAMP:BTCUSD
by TradeSelecter
S&P 500 Daily Chart Analysis For Week of March 1, 2024Technical Analysis and Outlook: As indicated on the chart analysis for February 23, the S&P 500 (Spooz) index excelled yet again as expected, bouncing off the strong Mean Support 5060 and reaching a new high. The main up price target for the index is Outer Index Rally 5170, with a prospect of extending to the next Outer Index Rally 5280. Notwithstanding, once the 5170 level is accomplished, the index is expected to drop somewhat and continue its journey toward the Outer Index Rally at 5280. In view of the fact that the uptrend is so strong, we do not have any viable support or resistance levels for slower time frame charts (Swing/position trading mode). We will monitor the price action this upcoming week and determine what and when we should unload or exit the market.
SP:SPX
by TradeSelecter
EUR/USD Daily Chart Analysis For Week of March 1, 2024Technical Analysis and Outlook: In this week's trading, the Eurodollar lacked significant price movement, revolving around the Mean Resistance level of 1.085. This means that the currency has been experiencing a period of consolidation with no clear direction. However, based on recent price trends, we expect the Eurodollar to move towards our Mean Support level of 1.077. This may trigger further downward movement, leading to an additional decline. If the downward movement continues, the Eurodollar could reach the Inner Currency Dip at 1.065, which is the primary target. The Inner Currency Dip 1.065 is where the currency is expected to have the most significant support, and a reversal in trend can often occur. However, this decline will happen gradually, with Mean Support levels at 1.070 and 1.067 as intermediate upside price effects. It's important to note that various factors, such as economic data releases, political developments, and global events, can influence the Eurodollar's movement.
by TradeSelecter
Bitcoin(BTC/USD) Daily Chart Analysis For Week of March 1, 2024Technical Analysis and Outlook: Bitcoin's price action saw a remarkable surge in the current week, which should not come as a surprise to this audience. After breaking through the completed Outer Coin Rally at 53000, Bitcoin's legit targets were 55000 and 59829, as this would. Bitcoin is setting itself up for the next launch, the Inner Coin Rally at 69000 and the Outer Coin Rally at 81400, which is expected to break records and disappoint those who have dismissed cryptocurrencies. However, a pullback to the Mean Sup at the 60400 price is a transient dip before the next rally. Nevertheless, the overall outlook for Bitcoin remains promising as it continues to attract more investors and gain wider acceptance. Therefore, it is crucial to keep a close eye on Bitcoin's price movements and market trends.
BITSTAMP:BTCUSD
by TradeSelecter
Macro Monday 13~Purchase Managers IndexMacro Monday 13 ISM Purchasing Managers Index The ISM Purchasers Managers Index (PMI) measures month over month change in economic activity within the manufacturing sector. The PMI is a survey-based indicator that is compiled and released each month by the Institute for Supply Management (ISM). The survey is sent to senior executives at more than 400 companies in 19 primary industries, which are weighted by their contribution to U.S. Gross Domestic Product (GDP). A PMI above 50 represents an expansion in manufacturing when compared with the previous month. A PMI reading under 50 represents a contraction while a reading at 50 indicates no change. The further away from 50, the greater the level of change. According to Investopedia "ISM data is considered to be a leading indicator of economic trends. Not only does the ISM Manufacturing Index report information on the prior two months, it outlines long-term trends that have been building over time based on prevailing economic conditions". The ISM reports are released on the first business day of each month for the month that has previously closed. Thus, they are some of the earliest indicators of current economic activity that investors and business leaders get regularly. Something to look out for next Monday 2nd October 2023. The PMI focuses mainly on the five major survey areas; 1. Employment (20%) 2. New orders (30%) Covered in Macro Monday 6 3. Production/Output (25%) 4. Inventory levels (10%) 5. Supplier deliveries (15%) We covered the ISM New Orders Index in Macro Monday 6 as it is the largest component of the Purchaser Managers Index making up 30% of the overall index. I will leave a link to the chart. The Chart The chart outlines the last 12 recessions (shaded red zones) with the PMI readings over the same period. As we are already aware above 50 on the PMI reading is expansionary and below 50 is contractionary (red thick line). Three Main Findings 1. In 11 out of 12 recessions a PMI reading at or below 42 was established. This means if the PMI falls to 42 there is a 92% probability of a recession. At present we have not reached that level, we are currently at 47.6. 2. The PMI has bottomed 10 out of 12 times in Quarter 1 (between Jan – March) with the remaining two bottoms happening in Quarter 2 (both in May). This means that 83% of the time the PMI cycle appears to bottom in Quarter 1 with the most bottoms in January (6) with Feb(2) and May(2) in close second place. - It’s worth noting that the bottom of the PMI cycle may not be the bottom of a stock market cycle. If we are forward looking then a rising PMI is positive for the economy and markets but ideally a move above 50 is the true signal of economic expansion from a manufacturing standpoint. 3. The average PMI bottom to bottom cycle timeframe over the past 6 cycles is 58 months with the shortest being 37 months and the longest being 86 months. We are currently at month 38 and the average month of 58 is Jan 2025 with the max of 86 months being May 2027. - How interesting is it that both these potential PMI bottom dates line up with our two most frequent PMI bottom months indicated in point 2 (January and May). - Interestingly according to U.S. government research, since WWII the business cycle in America takes, on average, around 5.5 years which closely aligns with our 58 month (or roughly 5 year) indication for the PMI chart. The business cycle incorporates an aggregate of economic data such as the ISM data, GDP and income/employment metrics. We might cover the business cycle in more detail on a future Macro Monday. The ISM New Orders Index (30% of the PMI) Similar to the ISM New Orders Index Chart (covered in Macro Monday 6) which makes up 30% of the PMI, we have not reached below the 42 level on this chart either which has provided a 100% confirmation of recession when we have had a definitive move below the 42 level historically. For ISM New Orders if we stay below a sub 50 level on the ISM New Orders Chart for greater than 7 months it has resulted in a recession every time except for 1966 and 1995 (8 out of 10 times). We are currently 14 months below the 50 level which is unprecedented, with the new orders index nudging a little lower on the August reading from 47.3 down to 46.8. ISM Data Release 2nd October 2023 When we receive our next ISM Data release next Monday 2nd October 2023 we can refer back to the PMI chart and the New Orders Index Chart and see how things have progressed and if we have reached and critical levels. These charts and the others I have completed on Macro Mondays are all designed so that you can revisit them at any point and press play on TradingView and see if we are breaking new into higher or lower risk territory. I hope they all help towards your investing and trading decisions. Have a great Monday guys, Lets get after it! PUKA
ECONOMICS:USBCOI
by PukaCharts
4