Market Moment

Bitcoin Fakeout to Breakout

We were watching Bitcoin yesterday on the Discord channel, and it seemed like price was going to break out. This is a great lesson on patience and waiting for trigger signals. Price action did show a break above this level, but before the candle closed to confirm the signal, we sold off and closed UNDER the resistance zone of 6870. Twelve hours later, we finally got the break and closed above the resistance zone.

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Oil Double Bottom Reversal?

Let’s face it. Nobody is bullish on oil. It is apparent that a recession is around the corner, and with many people around the world confined to their homes, they will not be driving too often. We know the US supply is increasing (yesterday’s storage numbers came above 13 million) while demand is decreasing. Oil producing nations and companies will continue to pump more. The oil producing nations have incentive here. If they know a recession is coming, you would want to pump as much oil as you can at these prices to make as much money that you can.

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Something Different: Wheat

Moving down to the 4 hour chart, and we can see there are more confluences pointing to a possible downside move, and indeed, presents us with a trigger set up. Just looking at market structure here, it shows us an uptrend with higher lows and higher highs. We have had more than two swings which is what we want to look for.

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Equity Guru’s Market Moment March.23rd/2020

As we begin this morning, we have received an amazing pledge by the US Federal Reserve. They have pledged unlimited asset purchases to support markets. This is from the monetary side, what is next will come from the fiscal side. Traders are awaiting for the US Congress to pass the relief program, a bill that was turned down yesterday before markets opened, prompting a sell off and market futures to halt (limit down) just as futures opened. Once we get the combination of both the monetary and the fiscal side, we should expect to see some sort of basing in markets.

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Equity Guru’s Market Moment March.20th/2020

On February 21st 2020, I announced the break down of a pattern on the S&P…but was not expecting an almost 30% decline. We did actually play the downside on the pullbacks and confirmed lower high swings on the daily chart, as the market was clearly in a downtrend and we did not want to go against this.

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