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Daily Analysis: Stocks Prepare For Move as Bitcoin Pushes Higher

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Daily Analysis: Stocks Prepare For Move as Bitcoin Pushes Higher

Introduction

This article was posted on Monday, 15:52, UTC.

Monday Market Recap

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Asset Current Value Daily Change
S&P 500 2360 0.35%
DAX 12185 -0.30%
WTI Crude Oil 52.86 1.15%
GOLD 1253.00 -0.34%
Bitcoin 1204 2.01%
EUR/USD 1.0595 -0.08%

 

Stocks are having a very quiet day so far, as the tensions that Friday’s Syrian missile attack caused calmed down somewhat, and financial markets remain steady. US futures are pulling international markets higher, although the European and Asian indices are still slightly in the red. The improved sentiment shows in other asset classes as well, as safe-haven assets are trending lower while risk-on assets are better off on the first session of the Easter-week.

The US Dollar continued higher against most of its most important peers, although the recovering British Pound has been the strongest major so far. The Euro remains under pressure, as the French presidential election looks to be getting more competitive. The Yen and Swissie are both weaker today, just as gold thanks to easing of the political fears. Oil is inching higher again, and the closely related Canadian Dollar is also among the winners, especially after Friday’s positive employment report, that underlined the positive trends in the economy.

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Bitcoin hit a new 3-week high over the weekend, after testing the $1175 level, and it is trading near the crucial $1200-$1215 zone today. Monero is also creeping higher once again, but Dash is finally diverging from XMR, after weeks of very similar trading. Dash is drifting back towards the $60 level, and Litecoin is also significantly lower, back below $9, even after topping the $11 level during the weekend. Ripple and Ethereum are also slightly lower as the market focuses on the moves in Bitcoin again.

Bitcoin, 4-Hour Chart Analysis

Technical Picture

S&P 500, 4-Hour Chart Analysis

The S&P 500 remains stuck in a narrow range near the all-important 2350-2355 zone, even after the Syrian attacks and almost a month of sideways trading. The dominant broadening Megaphone pattern remains in play, as traders await the next major move in global stocks. The MACD indicator is also showing a neutral picture, while the previous leaders, the German Dax and the Nasdaq, remain a bit weaker.

Key Economic Releases on Monday

Time, CET Country Release Expected Previous
22:00 US Fed Chair Janet Yellen Speech

 

Key Economic Releases on Tuesday

Time, CET Country Release Expected Previous
10:30 UK CPI Index 2.20% 2.30%
11:00 GERMANY ZEW Economic Sentiment 13.2 12.8
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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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