Pre Market 07:15 - US Holiday, Oil at $48, Gold at $1810, BTC Pulls-Back: Sentiment at Extreme Greed
FTSE Futures point to a positive start +20 to recheck the 6400 level. US markets are closed today so indices likely to be quiet
Yesterday saw the FTSE 100 pullback by 0.6% as the sideways consolidation continues following the 14% rally since the start of November.. The MID 250 took back 1.5% and eclipsed the previous day's gains in a move which may see further weakness while the AIM All-Share closed flat on the day
Today sees oil remains bullish above $48 while copper has held its recent gains and looks set to continue its move north. gold is digesting its recent lurches south as it ranges around the $1800-1810 level
As highlighted yesterday, BTC has pulled back below the 8 EMA after a stellar run: the crypto is now below $18,000 after recent highs of $19800 making a double top with the previous ATH in 2018 (see chart). The speed at which this was reached and with an RSI above 90 and diverging strongly suggests a potential deep pullback: this may check the 21 EMA around 17000 before consolidation.
Market sentiment shows the VIX lower around 21 while the F&G Index is above 90: Extreme Greed. At extremes, sentiment readings become contrarian indicators suggesting a pullback is long overdue
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
Pre Market 07:15 - US Holiday, Oil at $48, Gold at $1810, BTC Pulls-Back: Sentiment at Extreme Greed
click to enlarge
BTC Double Top Reversal from Near All-Time Highs