Ming Jong Tey
Independent Analyst
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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Editors’ Picks
EUR/USD stays near 1.0500 after upbeat US data
EUR/USD continues to trade in a narrow range at around 1.0500 on Tuesday. The data from the US showed that job openings rose more than expected in October, helping the US Dollar hold its ground and limiting the pair's upside. Investors await comments from Fed officials.
GBP/USD trades below 1.2700 as focus shifts to Fedspeak
GBP/USD loses its recovery momentum and retreats to the 1.2650 area after rising toward 1.2700 earlier in the day. The US Dollar stays resilient against its rivals on upbeat JOLTS Job Openings data and makes it difficult for the pair to regain its traction as focus shifts to Fedspeak.
Gold keeps struggling for direction
Following Monday's retreat, Gold stabilizes and trades in a narrow band below $2,650. The benchmark 10-year US Treasury bond yield stays flat near 4.2% ahead of Fedspeak, making it difficult for XAU/USD to gather directional momentum.
Chainlink holds near three-year high fueled by EU tokenized securities partnership
Chainlink (LINK) price trades slightly down around $25.50 on Tuesday following a 33% rally that was spurred by its partnership with Frankfurt-based fintech 21X for Europe’s first tokenized securities trading and settlement system.
The fall of Barnier’s government would be bad news for the French economy
This French political stand-off is just one more negative for the euro. With the eurozone economy facing the threat of tariffs in 2025 and the region lacking any prospect of cohesive fiscal support, the potential fall of the French government merely adds to views that the ECB will have to do the heavy lifting in 2025.
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