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USD500 WEEKLY CHART – 10% CORRECTION LEVEL
With Nasdaq already in correction territory (more than 10% off the record high), an equivalent level in US500 comes in at 5105.
Calling for a bottom in this type of market is like throwing a dart so watch 5200 as one of those pivotal levels as well as 5192, briefly broken so far.’
Chart shows 4923 as next key support, making 5000-52000 a pivotal zone.
USD500 WEEKLY CHART – 10% CORRECTION LEVEL
With NAsdaq already in correction territory (more than 10% off the record high), an equivalent level in US500 comes in at 5105.
Calling for a bottom in this type of market is like throwing a dart so watch 5200 as one of those pivotal levels as well as 5192, briefly broken so far.’
Cahrt shows 4923 as next key support, making 5000-52000 a potential area that could cause a pause.
BTC WEEKLY CHART – HE BIGGEST LOSER
BTC BRIEF BREAK BELOW 50k SETS THIS AS THE KEY LEVEL.
You can see why ON THIS CHART with a big void of key levels on the downside.
Back above 53435 would be needed to slow the threat.
Why is BTC so weak and not acting as a safe haven?
I can answer that with more questions than answers
Is it unwindibg of JPY carry trades>
Is it a need for liquidity to cover losses/margin calls in other markets?
Is it part of a deleveraging process?
Is it that cryptos are just a house of cards?
Contact me at jay@localhost with your thoughts
BTC WEEKLY CHART – HE BIGGEST LOSER
BTC BRIEF BREAK BELOW 50k SETS THIS AS THE KEY LEVEL.
You can see why ON THIS CHART with a big void of key levels on the downside.
Back above 53435 would be needed to slow the threat.
Why is BTC so weak and not acting as a safe haven?
I can answer that with more questions than answers
Is it unwindibg of JPY carry trades>
Is it a need for liquidity to cover losses/margin calls in other markets?
Is it part of a deleveraging process?
Is it that cryptos are just a house of cards?
Conatc me at jay@localhost with your thoughts
USDJPY WEEKLY CHART – WATCH 142
The last time USDJOY traded below 142 was 27 weeks ago enroute to 161.93 and only 5 weeks to trade back below 142.
Why am I focusing on 142?
It is one of those pivotal levels and the last line of defense before 140 comes on the radar.
Support: 141.68 (Monday low), 140.23, 140.00
141.68 showing signs of pretty good support
More important than resistance is how USDJPY trades vs. 142 as that will dictate whether 140 comes under attack.
EURUSD WEEKLY CHART – REPATRIATIONS OR RISK OFF?
When yoU see markets like this one where stocks are melting down, you often see repatriations back hOme.
So whether EURUSD is being boosted by repatriations or safe haven flows, what matters tO traders is the 1.0980-00 level, especially the upper end at 1.10
Intra-day, 1.0950 will be important in dictating whether there is a run at 1,10 but the focus is clearly on US stocks as that is leading the risk off mood.
USDJPY DAILY CHART – WATCH 145
With the Nikkei melting down to lowest levels since January and USDJPY falling through 145, if I was the BoJ I would be in covertly.
Whatecer the case, USDJPY 145 is clearly pivotal as there is a void until near 140.
It is all about risk off led by US stocks so watch those markets as the dat winds on.
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