Home » New Musings » Market Musings Thurs 26 Nov 20: Pre Market 07:15 – US Holiday, Oil at $48, Gold at $1810, BTC Pulls-Back: Sentiment at Extreme Greed

Market Musings Thurs 26 Nov 20: Pre Market 07:15 – US Holiday, Oil at $48, Gold at $1810, BTC Pulls-Back: Sentiment at Extreme Greed

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

 

    click to enlarge

 

 

BTC Double Top Reversal from Near All-Time Highs

  • Click to enlarge

35 UK Companies Reported by 07:20

 

 

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Financial trader, technical analyst, author and blogger. Trading full time for 13 years.
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