ETHUSD has been trading in an increasingly tight range +/- the $250 handle. The consolidation seems to be forming a bullish pennant; a breakout from the upper trend line could signal a resumption of the uptrend.
ETHUSD broke and closed convincingly clear of the $175-180 resistance zone on 11 May. Price action is currently capped by the upper bounds of an ascending channel, and more importantly, a cluster of sellers at the psychological $200 level. $200 is a key level for the pair. Should ETHUSD succeed in breaking and holding above, this would form a bullish case.
Patient longs have been rewarded as Bitcoin has gone parabolic, in a rally of remarkable proportions, even for Bitcoin. BTCUSD has surged beyond resistance at ~$7,250, and gone on to break $8,000, touching a new yearly high of $8,169.
Its surge has also boosted most of the major cryptocurrencies and added ~$30b to the overall cryptocurrency market capitalisation....
BTCUSD suffered a(nother) tumultuous week when the Office of the AG of New York State announced a lawsuit against Bitfinex and Tether, two affiliated companies. Doubts have long existed about the bona fides of Tether and Bitfinex, but Tether remains the dominant stablecoin, representing ~96% of daily trading volumes in that category. Its status as the de factor...
Amazon reported Q1 results, beating EPS estimates by $2.44 and doubling its profit. It also announced that it woud invest $800m to make one-day free shipping the new standard for all core Prime members. The stock continues its ascent towards $2,000.
Semiconductors took a hit after Intel slashed its earnings outlook for 2019 amid a slowdown in equipment spending by cloud computing companies and headwinds from China. Intel lost 8.99% on its announcement, gapping down to close at $52.43 and forming a spinning top after finding support at ~$52.
A look at the comparison between the S&P 500 to the Shanghai Composite (in purple) shows that correlations have broken down since mid-Feb, despite the vicissitudes imparted upon both markets together by ongoing of US-China trade talks.
U.S. stocks capped the week with a record close on better-than-forecast earnings. Treasury yields fell after data signalled moderate inflation.
S&P 500 Index closed at an all-time high of 2,939.88 after posting a 1.2% gain for the week following positive surprises from earnings releases. U.S. GDP expanded at a 3.2% annualized rate in Q1, beating estimates of...
In China, the Shanghai Composite endured its worst week since October, demonstrating the influence that Beijing continues to yield over its markets. The index lost 5.6% for the week after the government signalled that it would pare back support for the economy amid evidence of a recovery.
The index has lost all its gains after breaking out of a bull flag earlier...
The S&P 500 had its highest closing on record Tuesday, marking a fantastic resurgence for stock markets since the rout last year.
Despite poor macro-economic data and slumping earnings expectations, investors extended a months-long recovery, reassured in part by recent dovish signals from central banks. The benchmark closed the day 0.9% higher at 2,933.7. The S&P...
Is this a sign that crypto winter is thawing? BTCUSD has formed its first bullish golden cross since October 2015. This bullish signal follows a 35% rally for Bitcoin, and its resurgence has also been reflected in record contract trading volumes in the CME futures market earlier this month.
ETHUSD broke above $150-60 resistance, but has seen upward progress checked by sellers in the $175 area. $150-60 could act as resistance-turned-support, and any stop hunt that brings prices back to the $150 region could create a good risk-reward for opportunistic longs.
Amazon stock remained largely unscathed by news of Disney+ releasing at the end of this year, despite the challenge to its Prime Video service. The tech giant also hit the headlines late this week when the retail industry issued forceful responses to the challenge from Jeff Bezos to its competitors to “match our employee benefits and our $15 minimum wage”....
Netflix correspondingly fell on Friday, losing as much as $8b in market capitalisation in several minutes of trading, upon Disney’s announcement of its rival streaming service. Ominously for Netflix, Disney is just one of an increasing number of deep-pocked players moving into the video streaming market, all willing to burn cash for years as they grab market...
Disney stock surged 10% on Friday, on its official unveiling of Disney+, a video streaming service. Disney+ will be available from Nov 12 for $6.99 a month or $69.99 a year. $4 less than Netflix’s most popular plan, this is a price point at which Disney hopes it can undercut Netflix – and other competitors – in what has become an increasingly crowded field.
Wall...
The SSE closed lower for the week at 3,188.63, and may be forming a second, smaller bullish flag; the market could be gathering steam before making a push towards 3,320-30 resistance.
DJ:DJI
The Dow finished the week down 0.1%. The DJI traded back down into resistance-turned-support in the 26,100-250 zone. Those held up well, and the index closed above the congestion zone on Friday, buoyed by Disney’s largest single-day advance in a decade.
Markets ended the week on a high note after several major banks kicked off the earnings season with decent numbers. Chinese export data for March also rebounded, bolstering optimism in the global economy.
The S&P 500 gained for a third straight week, up 0.5% as it rose through the key 2,900 level for the first time in six months, edging that bit closer to its...
