Watch the free-preview video below extracted from the WLGC session before the market open on 20 May 2024 to find out the following:
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How to interpret the S&P 500’s behavior when testing previous all-time highs.
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How to anticipate market movements based on supply-demand dynamics.
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How a trading range could unfold for the S&P 500.
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And a lot more…
Market environment
The bullish vs. bearish setup is 619 to 105 from the screenshot of my stock screener below.
The market environment is improving compared to last week while both the long-term and short-term market breadth are in the healthy zone.
Most importantly, the trade entry setups as discussed in the live session for the past few weeks are still going well.
The Bitcoin-related stocks just had a strong rally on Tuesday thanks to the continuation of the strong uptrend in the Bitcoin, highlighted in the market update email on Monday.
Market comment
8 “low-hanging fruits” (TNDM, LNTH) trade entries setups + 15 actionable setups (COIN) were discussed during the live session before the market open (BMO).
TNDM
LNTH
COIN
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EUR/USD retreats to 1.0700 area following post-PCE jump
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After spiking to a daily high of 1.0720 with the immediate reaction to US PCE inflation data, EUR/USD lost its traction and declined to the 1.0700 area. Investors remain cautious ahead of this weekend's French election and make it difficult for the Euro to gather strength.
GBP/USD stays below 1.2650 after US inflation data
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GBP/USD struggles to preserve its bullish momentum and trades below 1.2650 in the American session on Friday. Earlier in the day, the data from the US showed that the annual core PCE inflation declined to 2.6% in May, limiting the USD's upside and helping the pair hold its ground.
Gold keeps its daily gains near $2,330 following US PCE data
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Gold prices maintain their constructive bias around $2,330 after US inflation readings gauged by the PCE matched consensus in May and US yields advance slightly across the curve.
BTC struggles around the $62,000 level
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Bitcoin price faces pullback resistance at the lower band of the descending wedge around $62,000. Ethereum price finds support at $3,288, the 61.8% Fibonacci retracement level. Ripple price faces resistance at $0.500, its daily resistance level.
French Elections Preview: Euro to suffer after the calm, as specter of extremists, uncertainty rise Premium
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The first round of French parliamentary elections is set to trigger high uncertainty. Soothing messages from the far right and far left leave the Euro vulnerable to falls. Calm may return only after the second round of voting on July 7.