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Daily Analysis: Bitcoin Nears Record High as Stocks Take a Breather

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Daily Analysis: Bitcoin Nears Record High as Stocks Take a Breather

Introduction

This article was posted on Wednesday, 16:00, UTC.

Wednesday Market Recap

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Asset Current Value Daily Change
S&P 500 2388 0.25%
DAX 12478 0.22%
WTI Crude Oil 49.16 -0.72%
GOLD 1264.00 -0.26%
Bitcoin 1290 1.90%
EUR/USD 1.0892 -0.05%

 

Global stocks are little changed today, following the strong rally of the frost two days of the week, as investors await the tax proposal of Donald Trump. The promised tax cuts were among the catalysts behind the post-election rally on Wall Street, so the details of the plan could have a strong impact on the market. The mostly better than expected corporate earnings reports remained supportive of the advance, while geopolitical worries took the backseat so far this week. The Bank of Japan will release its monetary statement tonight, and that might stir up the current lull.

The Dollar rebounded against the major European currencies today, and continued higher compared to its commodity-related peers, like the Canadian Dollar and the Australian Dollar. Commodities are under pressure, as the Chinese stock market has been very weak recently, pointing to further weakness in the country’s economy and financial system, despite the positive official reports. Oil is still trading near the $49 per barrel level, after a brief rally this morning. Gold is just above the $1262 support, as US and European equities are still firm.

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Shanghai Composite down by 6% this month, 4-Hour Chart Analysis (NASDAQ comparison)

Bitcoin is in the center of attention in the Cryptocurrency world, as it trades right at its all-time highs after a persistent rally so far this week. Altcoins are having another very strong day in general, as Ethereum, Litecoin, NEM, and Litecoin are all higher, with NEM up by another 12%, closing in on Ehereum Classic in market capitalization. Ethereum is also very close to its prior high, just below the $600 level. Dash, Monero, and Ripple are slightly lower today, but they all remain in their trading ranges.

Ethreum, 4-Hour Chart Analysis

Technical Picture

The S&P 500 remains among the weaker major global indices, as it failed to hit a new high so far, despite the favorable French election result, and the following broad rally. A re-test of the prior all-time high near 2400 is likely in the coming days, as the benchmark broke out of from the slightly declining megaphone pattern that dominated trading for more than a month. Support is now found at 2355, 2332 and below that near 2320.

 

S&P 500, 4-Hour Chart Analysis

Key Economic Releases on Wednesday

Time, CET Country Release Actual Expected Previous
10:30 AUSTRALIA CPI (quarterly) 0.50% 0.60% 0.50%
16:00 CANADA Core Retail Sales -0.10% -0.30% 1.70%
16:30 US Crude Oil Inventories  -3.6 million -1.1 million -1 million

 

Key Economic Releases on Thursday

Time, CET Country Release Expected Previous
5:50 JAPAN Monetary Policy Statement
9:00 EUROZONE Base Interest Rate 0 0
14:30 EUROZONE Monetary Policy Statement
14:30 US Core Durable Goods 0.40% 0.50%
14:30 US Initial Jobless Claims (weekly) 241,000 244,000
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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

Comments
  • user

    AUTHOR Mati Greenspan

    Posted on 4:02 pm April 26, 2017.

    All time high achieved!! 😀

  • View Comments (1) ...
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