There is a major support level at 1.05, and a lesser support level at .95. Those are the only two barriers from a price action perspective on the monthly chart standing between here and .85. It is also worth noting that we have been in a pattern of lower highs since the 2008 financial crisis, so the momentum to .85 has been building for some time.
It may seem obvious to many, but for those finding themselves overweighted in a given asset class after the massive market reset last week as a result of COVID-19, the truth can be very hard to take in. As such, it is worth repeating: we are in a new world now, and the sooner traders …
Read moreNew Reality for Bitcoin Hodlers is a Trading Range of $3500 – $6000
Yesterday, the Fed delivered a surprise 50bps cut. The index rose initially but then dropped to end the day down. Rate Cutting Cycle as Opposed to Mid-Cycle Cut After a very bland official G7 communication indicating that the G7 Finance Ministers and Central Bank Governors are closely monitoring the spread of COVID-19 and that they will intervene if …
Read moreSPX Shakes Off Fed 50bps Cut; Short Sellers May Have Their Fingers On The Trigger