ETF ANTICIPATION FUELS BITCOIN

Bitcoin’s value has experienced a 10% surge, propelling it back above the $34,000 mark, in anticipation of U.S regulatory approval for a Bitcoin ETF. Jerome Powell’s unexpected statement on interest rate has ignited the crypto ecosystem with a positive sentiments.

S&P 500 TESTS KEY TECHNICAL SUPPORT

The S&P 500 has dipped below the critical 200-Day Moving Average (DMA) and is approaching significant technical support at 4180. Recent inflation data suggests the possibility of further Federal Reserve rate hikes. Additionally, the influence of major tech companies in the S&P 500 poses a substantial threat impacting the S&P 500 to potentially fall by as much as 10% to 3900 thereabouts.

MARKET FOCUS THIS WEEK

Overall, the market participants are closely watching key important levels for the S&P 500, rising treasury yields, the Israel-Hamas, gold, crypto and oil prices. The trend is clear for S&P 500, the Nasdaq and the Dow, it’s down. However an impending rout is not visible in commodities yet.

MARKETS THIS WEEK

Impact of rising interest rates and technical breaches in key indices shows the market remains cautious, balancing concerns over economic growth and monetary policies. The Israel-Hamas conflict has elevated gold, crypto and oil prices. However a clear trend is not visible in either of the three yet.

INFLATION NUMBERS DOMINATE MINDSPACE?

Inflation overgang causes markets to trade weak.US CPI and China CPI much awaited.Stay informed with UpTrendPicks.com for real-time market analysis. Enhance your investment decisions.Subscribe now!