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Daily Analysis: NASDAQ Breaks Again as Bitcoin Surges

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Daily Analysis: NASDAQ Breaks Again as Bitcoin Surges

Introduction

This article was posted on Friday, 14:24, UTC.

Friday Market Recap

Asset Current Value Daily Change
S&P 500 2465 -0.26%
DAX 12148 -0.55%
WTI Crude Oil 49.31 0.53%
GOLD 1264.00 0.35%
Bitcoin 2810 8.78%
EUR/USD 1.1728 0.42%

Yesterday US stocks hit all-time highs yet again, then something cracked among tech stocks, and not unlike in June, the giants of the NASDAQ tumbled together, losing as much as 2% in a short period. Is that a precursor of another correction? With valuations being so stretched across the board, all we can say is that this is a market is ideal for technical analysts, not stock picking. And although techncials are not screaming sell right now, taking profits after the recent leg up will not bankrupt anyone.  Global equities, especially European ones are a completely different story, as today higher than expected Eurozone CPI reading gave another boost to the Euro, and in turn another blow to the European benchmarks.

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DAX, 4-Hour Chart Analysis

The Dollar is currently holding up above its recent lows against its major peers, despite the Euro’s strength, and the mixed GDP report which suggests that inflation is running even lower in the US than the already weak CPI reports suggested. The Great British Pound, the Aussie, and the Yen are also a tad in the green against the USD, but the oversold readings in the Dollar and the current momentum suggest a rebound in the Greenback. Gold got another boost from the report, while crude oil is also holding on to its recent gains since the Federal Reserve’s slightly dovish statement on Wednesday.

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Cryptocurrencies

Cryptocurrencies are in a schizophrenic state, which is actually not a bad sign for investors, with BTC bouncing back strongly after Sunday’s deep correction, while Ethereum and the other majors being notably weaker. That said, there is no strong downward momentum before the weekend, and given the favorable long-term picture, we still expect a bullish resolution for the correction, as most of the majors are still holding above key their respective key support zones.

BTC/USD, Daily Chart Analysis

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Technical Picture

The NASDAQ 100 breached the 6000 level that we have been monitoring before turning sharply lower in the second half of the day, and being pushed down again following the slightly disappointing earnings release of Amazon (AMZN) after the market close. The benchmark is trading near its lows this morning, and at least a re-test of the 5800 is now likely before the current correction runs its course.

NASDAQ 100, 4-Hour Chart Analysis

Key Economic Releases on Friday

Time, CET Country Release Actual Expected Previous
1:30 JAPAN Core CPI Index 0.4% 0.4% 0.4%
1:30 JAPAN Unemployment Rate 2.8% 3.0% 3.1%
1:30 JAPAN Household Spending 2.3% 0.6% -0.1%
1:30 JAPAN Retail Sales 2.1% 2.3% 2.15
9:00 GERMANY Prelim CPI 0.4% 0.2% 0.2%
9:00 SPAIN GDP 0.9% 0.9% 0.8%
14:30 US Advance GDP 2.6% 2.5% 1.4%
14:30 CANADA Monthly GDP 0.6% 0.2% 0.2%

Key Economic Releases on Monday

Time, CET Country Release Expected Previous
3:00 CHINA Manufacturing PMI 51.5 51.7
3:00 CHINA Non-Manufacturing PMI 54.9
8:00 GERMANY Retail Sales 0.3% 0.5%
11:00 EUROZONE Flash CPI 1.35 1.3%
14:30 CANADA RMPI -1.8%
15:45 US Chicago PMI 60.2 65.7
16:00 US Pending Home Sales 1.1% -0.8%

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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.

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The major cryptocurrencies are strongly diverging before the weekend, with…