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Week ahead alert
Thanksgiving is one of the busiest travel tim,es with many taking 4-5 day holidays.
- For holiday air travel, the busiest travel day of the year in the U.S. is typically the Sunday after Thanksgiving.
- Busiest day: Sunday after Thanksgiving (travelers returning home).
- Runner-up days: Wednesday before Thanksgiving and the Friday after.
Week ahead trading:
- This is not a week when traders are looking to add to risk given thin liquidty, extended holidays.and month end on Friday.
- Keep this in mind when trading where choppy trading and limited follow through would be more the norm, than the exception
Newsquawk U.S. Stock Market Wrap
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Newsquawk U.S. Market Wrap
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The catalsy for the stock rally
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BTCUSD (BITCOIN)
- 4 weeks down in a row has kept BTCUSD on the defensive (an understatement).
- As noted earlier, 80000-82000 likely to be a pivotal zone that bulls need to hold or risk even lower.
- Low at 80500 has checked the downside but at a minimum 85000+ would be needed to ease the risk.
- Note the correlation with stocks, where a strong bounce has given this crypto a reprieve.
BTCUSD WEEKLY CHART
No CPI is another reason for the Fed to pause
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US500 (SP500) UPDATE
- 3 down weeks in a row keeps it on the defensive
- Same as NAS100, last night I said expect underwater longs to have offers lying in wait hoping for a bounce and that worked out.
- US500 performing better than NAS100 by holding above its key 6496 low with a 6508 low standing in front of it.
- To regain a bid, would need to close the week back above 6631.
Otherwise, best hope is that low holds.
US500 WEEKLY CHART
U of M final: Revised up, inflation expectations revised down
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S&P Global PMI…mixed but overall beat
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NAS100 (NASDAQ) UPDATE
- 3 down weeks in a row keeps it on the defensive.
- Last night I said expect underwater longs to have offers lying in wait hoping for a bounce and that worked out.
- Now, the 23834 low needs to hold to contain the downside.
- Needs to close the week above 23974 to give the bull side a technical breather.. .
NAS100 WEEKLY CHART
EURUSD UPDATE
- Small outside day on both sides (1.1496-1.1552) with price action contained while within it.
- Onus still on the bull side to regain 1.1550 to negate the downside risk while bear side needs to establish sub-1.15 to build momentum.
- So glass half empty or half filled depending on your bias but the 1.1500-50 range is too tight to last for long.
EURUSD 1 HOUR CHART
REACTION TO NEWS IS WHAT MATTERS… STOCKS BOUNCE ON WILLIAMS COMMENTS
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USDJPY UPDATE
- When USDJPY broke above 155 I noted with the 2025 high not until 158.84, look for targets at 156.;50 and if broken, then 158.00.
- Market traded as suggested with the stall just below 158 putting 156.50 back on the table, this time as pivotal support.
- While 156.50 holds (low so far 156.55), 157.10 former support is initial resistance, contains upside while below it, above it puts BoJ back on guard with 158 back in play.
USDJPY 4 Â HOUR CHART
Newsquawk Daily US Opening News
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Republican Senators lobby Trump
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Forex Market Snapshot
- The focus is on USDJPY which is trading lower following stepped up verbal intervention. The dollar is up slightly elsewhere (except vs. NZD) as short JPY positions (including carry trades?) unwind.
- Otherwise attention is on US stocks which remains on the defensive after an earlier bounce stalled .
- Another focus is on Crypto world where Bitcoin has extended its slide from a record 126147 high to -35% in just 7 weeks. As noted when Bitcoin broke below 98000 there was a huge void on charts to just above 74000.
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