News Releases Impacting S&P 500
- Forecasted Existing Home Sales in United States: 5.38.. The actual number: 5.12.. (5.08% difference between the two.)
The Daily View for S&P 500
- At the moment, SPX’s price is up 105.84 (2.76%) from the day prior.
- This move is a reversal from the day prior, which saw price move down.
- As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
- Regarding moving averages, it should first be noted that price has crossed the 20 and 50 day moving averages, resulting in them so that price is now turning above them. The moving averages on the daily timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
- Divergence between SPX’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in SPX’s price.
Below is a daily price chart of S&P 500.
Featured S&P 500 Idea From TradingView
Below is a trading comment entitled Currency Wars: Bitcoin Vs. Ethereum you may find interesting:
This will be the first edition of a series I’m going to be writing about different currencies and how they are correlated to one another, in good and bad ways.Cryptocurrencies are the fastest growing asset class on the face of the Earth. To prove this let’s look at some other assets compared to Bitcoin.These metrics are from mid-late 2021, they aren’t perfect, but my point will be made nonetheless. If you had held these assets for 10 years prior to 2021, you would have made these amounts in return.Gold – (-6%) LossBonds – (+35%) S&P 500 – (+344%)Google – (+937%)Apple – (+1,112%)Microsoft – (+1,280%)Amazon – (+1,427%)Netflix – (+2,337)NVIDIA – (+6,053)Tesla – (+15,200%) … But Bitcoin? My guy… Bitcoin – (+994,608%) Point made.While I won’t get into philosophy of how this came to be I’m going to do a deep dive on Bitcoin’s number one competitor, Ethereum. While holding the second largest market cap in the crypto space for the entirety of Bitcoin’s existence the argument of when or if Ethereum will ever take over Bitcoin has been a fierce debate. Today I’d like to diagnose this idea in depth. While this war has been going on for nearly 15 years now, I’d like to focus my microscope on the last 3 years, the reason being this has been the time period where we’ve seen the entire landscape of the space change as world scale institutional adoption has taken hold. First let’s talk about price action. When it comes to cryptocurrency, Bitcoin has always been the front runner of the macro market. Cryptocurrency has a very well established macro movement pattern. Typically, Bitcoin will pump, the top 20 alt-coins will follow, then the s**tcoin market moves. This is not always 100% the case, but 9/10 times, it is.Why is this? Well, much like I explain on my trading channel and to my students who take my course, the market moves due to three factors, fundamental analysis, market sentiment and technical analysis. This is the analytical tools institutions are using to make their decisions on why they’d take a position in cryptocurrency. If you read my previous papers on my global macro perspective on Bitcoin or why I am bearish for all the worlds market environments you’d understand that if you’re really trying to understand the macro price movement, you NEED to think like an institution.Institutional trading is EXTREMELY different from what people like you or I may do. While a trader like myself is largely technical based, also called a growth investor, most institutions are value investors. What does this mean? Let’s break this down. Value investing is a fundamental based practice that looking at variable like wha…