Slide was to come

Monica Kingsley Monicakingsley

And it just may not be over, or is it? S&P 500 was lifted by earlier GOOGL earnings, AMD underwhelmed on cash flow generation, and I was bearish given the high expectations and valuations of MSFT and META. That‘s similar to my last week‘s warnings regarding XLI, XLRE and ITB.

Correct bearish positioning brought immense gains for clients, both swing and intraday – over 300 NDX points and over 50 ES points gained. What‘s been different lately, is distinct selling into the closing bell, and selling of very decent earnings MSFT and META, which is what I warned about yesterday. Pre-elections positioning snapping back, such was the theme I chose to hammer yesterday – and you see in the below snapshot from our intraday channel as well that my commentary on individual megacaps performance highlights the shifting sentiment before the all-important next week. Today‘s data also point to no recession ahead, coming in decent.

Give yourself a gift of premium real-time and in-depth knowledge coupled with messaging me quickly over Telegram if need be – the options market remains quiet while bonds show we‘re at crossroads as yields have paused their ascent in the short run. Enjoy as well the S&P 500 chart.

Author

Monica Kingsley

Monicakingsley

Monica Kingsley is a trader and financial analyst serving countless investors and traders since Feb 2020.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.