17/6/22. Overnight U.S. equities resume the bearish trend.
SP500.
After a brief hiatus on Wednesday, SP500 turned lower on Thursday.
Double positive divergences on MACD and Histogram continue to suggest at we will get an upside move in the near future. Wait for a cross of the Stochastic above 20 before going long.
Commodities.
Commodities Index +0.44%. Energy +0.24%. Base Metals continue to languish, -1.81%. Agriculture +1.01%. Gold +1.12%. Gold is benefitting from a lower U.S. dollar - but
that is not helping Base Metals.
Iron Ore. -0.3%. Thermal Coal +0.3%.
Overnight Oz Futures -2.1%.
Bitcoin.
Bitcoin is at support of the 200-Week Moving Average where it found support in 2019 and 2020.
It remains in a down-sloping channel. It may now move up to test the upside of that channel.
Until it breaks out of that channel a failure of the 200-Week MA as support is likely.
A price then in the low 11,000s seems likely.
I must admit to a bias against bitcoin. It is basically an abstract concept with no intrinsic value. It only has the value people will put on it, i.e., it is pure speculation.
People with a knowledge of history will know that the man who "discovered" gravity, Isaac Newton, one of the greatest mathematicians of all time, went broke speculating during the Dutch Tulip mania.
Buyer beware.
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