
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
BTC Double Top Reversal from Near All-Time Highs
35 UK Companies Reported by 07:20