[GVI Forex 2]

The wait is on for US GDP and PCE

THU: CBR Announcement, CBRT Announcement; EZ M3 (Jun), German Ifo (Jul), US Durable Goods (Jun), GDP Advance & PCE (Q2), IJC (20th Jul)

Newsquawk Qwwk Ahead

[GVI Forex 2]

NAS100 DAILY CHART – TRENDLKINE BROKEN

 

A HIGHLIGHT WAS THE DAILY TRENDLINE BREAK SO WATCH HOW IT TRADES VS, IT TOMORROW

See below for retracement levels using our Fibonacci Calculator

 

[Mtl JP]

DLRx 104.09

last few days puppy is a low-volatility band Up and down bound

what an excellent opportunity for playing with greed, fear and tempting glory at risk of pain

I give credit to Dudley’s yak about why a cut BUT
I also like summers’ dissing dudley
and so adding to players’ dillemna

[GVI Forex 2]

US500 DAILY CHART – WATCH EARNINGS

 

This chart shows the break of 5444 is the level that would have to be recovered to slow the retracement.

Key now is earnings after the bell and whether it throws a lifeline.

[GVI Forex 2]

Stocks still melting down => but JPY no
Longer correlating (USDJPY 154.05)

[Belgrade Bobby]

Nasdaq 100 – NDX
Nasdaq hits one-month low as Tesla, Alphabet knock megacaps down
KEY POINTS:

S&P 500, Dow hit multi-week lows

Visa falls after missing revenue growth forecasts

AT&T rises after beating subscriber-addition estimates

Enphase Energy up after results

Indexes down: Dow 0.85%, S&P 1.61%, Nasdaq 2.55%

The Nasdaq plummeted to a one-month low on Wednesday after Tesla and Alphabet disappointed with lackluster earnings, prompting investors to question if the Big Tech and AI-fueled 2024 equity rally was sustainable in the long run.

[SF Monedge]

I believe we should see Bitcoin futures at 6040 in coming weeks though there is decent potential to see 6800 or higher prior.  Enjoyed the Ether ETF rolling out the other day.  Any participation in crypto on my part at this stage is purely speculative due to them not yet being mature instruments.  I realize that upsets the average GenZ and Millennial anarchist who wants them to replace to US Dollar so they can feel like they changed the world and are oh so smart, but those are just the facts.  They should transform to being more viable financial instruments over time like moth larvae somewhat in around 2 years from now.  Ultimately Stablecoin will dominate the pool of fringe crypto’s in various respects.

On another note I like the buy side of Gold stocks and if you don’t have much money then GROY (Gold Rty Group) from the 1.30’s or perhaps even 1.40’s is decent R/R you can live with even if it doesn’t go your way right away.

[Belgrade Bobby]

AMC Stock Alert: AMC Previews Revenue Drop, Pivot to Net Loss for Q2
Trading of AMC Entertainment  AMC stock was briefly halted this morning following the release of its preliminary second-quarter earnings. It was resumed at 9:43 ET, and, as of this writing, AMC stock is currently about 7% down.

AMC posted revenue of $1.03 billion, down 23.54% from $1.347 billion a year ago. Preliminary revenue was in line with the consensus analyst estimate of $1.03 billion.

The movie theater chain also reverted back to being an unprofitable company with a net loss of $32.8 million compared to net earnings of $8.6 million year-over-year (YOY). Diluted loss per share fell to approximately 10 cents from a diluted earnings per share of 6 cents. Analysts were expecting a GAAP EPS loss of 47 cents.

[Belgrade Bobby]

Alphabet Inc.- GOOGL

Alphabet shares hit lowest level since June 4
** Shares of Google parent Alphabet  GOOG fall 5% to $172.55 in day trading, hitting their lowest since June 4

** Alphabet’s Q2 capital expenditure rose more than expected, to $13.2 bln, due to support generative AI services

** Alphabet-owned Youtube’s Q2 ad sales grew 13% versus a 21% gain in Q1

** “Investors were quick to find fault and the spotlight immediately shone on a slowdown in Google’s advertising growth”

** Alphabet reported Q2 revenue of $84.74 bln, up 14% YoY, beating analysts’ estimate of $84.17 bln – LSEG data

[Belgrade Bobby]

Tesla Inc  TSLA and Google parent Alphabet Inc’s  GOOG  GOOGL second-quarter earnings on Tuesday failed to impress the Street and are dragging the stocks lower.

Tesla, a key Nvidia customer, reported second-quarter revenue growth of 2% year-on-year to $25.5 billion, beating the consensus estimate of $24.7 billion. EPS of $0.52 lagged the consensus estimate of $0.62.

TSLA – Tesla

[Belgrade Bobby]

AMD – Advanced Micro Devices Inc.

[Belgrade Bobby]

Chip Stocks Nvidia, AMD And Others See More Selloff On Wednesday – What’s Going On?

U.S. chip stocks led by Nvidia Corp  NVDA, Advanced Micro Devices, Inc  AMD, Taiwan Semiconductor Manufacturing Co  TSM, Broadcom Inc  AVGO, Qualcomm Inc  QCOM, Arm Holdings Plc  ARM, Intel Corp  INTC, Micron Technology, Inc  MU are trading lower on Wednesday.

NVIDIA – NVDA

[Mtl JP]

GVI 2:56
the beautiful thing in a FX trader’s life is the tension, pain and agony soursing from anxiety obout being on the right side upon entry AND greed and fear from having the wrong stop (or none at all – hahaha)

[Belgrade Bobby]

Monedge, when you started with Coffee and USDJPY, it was fine…but when you suddenly moved over to Chinese Yuan and Singapore Dollar ( USDSEK is kind of my turf – still have a password based on exact rate of it like 25 years ago 😀 , I figured it out – Some Strong Coffee you got there 😀

You can send some over here 😀

[SF Monedge]

There were those who thought I must have had too much coffee about a month ago with UsdJpy around 160 and I said we would see 153 in coming weeks.  Pretty good coffee.  Now I see conditions in support of the buy side of US Dollar vs Chinese Yuan (2620) and Singapore Dollar (3410) around todays lows.  Perhaps 7220 or so UsdSek (Usd vs Swedish Krone) as well.

Spreads are wide as a constant with those pairs.  Keep an eye out for stop runs of highs/lows as has been pointed out by Jay with GVI.  But I wouldn’t take them, if they occur, to be anything more than just that.  At least for now.

[GVI Forex 2]

The puzzle —

Stocks off sharply and USDJPY off sharply suggests carry trades are unwinding.- see if correlation holds once stocks find a bottom

[SF Monedge]

Contract sizes are a bit larger on the buy side in Euro at the moment so we may get another opportunity to sell it just a little higher (20 pips or so) coming up.

[SF Monedge]

Bank of Canada Governor did not provide much verbiage of weight for consideration.  The tone was there is not set in stone path of policy at present, that rate cuts will be dependent on the condition of data as it transpires, and the .25 cut was to stimulate growth and is fine for now.  The bottom line is their policy is stable and not on any razors edge.  Futures are trending down so the proper approach is the buy side of UsdCad unless something profound develops.

That said, the current price area for futures and options are decent to test the buy (sell UsdCad in spot) side if you like rolling the dice, as you could hit a runner.  Buy side of 7325 calls at the money look decent on the delta and such at the moment. So in spot that’s a sell from just above 3800.

[GVI Forex 2]

Hey JP. Nice one in EURUSD 1.0865 (stop above 1.0871) => 1.0851 (50 level strikes again)

[GVI Forex 2]

Yesterday’s EURUSD breakdown level was 1.0871, so now potential resistance.

[GVI Forex 2]

USDJPY melting down below 153.50… this is what happens when a bubble bursts

[GVI Forex 2]

BOC cuts as expected, dovish statement

S&P Global PMI, beats on composite, services better, manufacturing weaker (ISM is more closely watched)

Stocks slipping further, USDJPY testing 153.50

[GVI Forex 2]

USDJPY 153.82

Not seen on a chart 153.50 is a pivotal level, above it keeos faint hope of 155 in sight, below it puts 152 on the radar

[GVI Forex 2]

JP, look at the 21 DMA in EURUSD

[Mtl JP]

about dlrcad, BoC and players

I like the idea that after BoC – or possibly a bit ahead of it – players will try to bag accumulated gains

as a 1/4pt cut is fully priced in at this time.

[Mtl JP]

USDCAD 1.3790 – and BoC decsion day

09:45 BoC

eager players look primed to try to run the puppy to 1.3850
My degenerate side says : “caution”

Sup 1.3760 / 1.3700

[GVI Forex 2]

EURUSD 1.0852

Filled the earlier gap

[Mtl JP]

EURO 1.0849
–
one might want to review Jay’s “magic” prose about “50”

I am biased. So at “50” and neutral

tech-wise:
Sup 1.0825-ish
Res 1.0865-ish

N of 1.0910 would likely excite the bulls

[Mtl JP]

DLRx 104.01
–
after all thas been said and done in and about markets

DLRx s stalled under its 200d ma
suggesting – or meaning – that dlr upside is limited in energy

on deck today:
wholesale inventories (now out)
S&P PMI
new house sales

bowman and logan yak
but should be wet noodle policy waste of time as the FED gang is in blackout

[GVI Forex 2]

USDCAD DAILY CHART – WAITING FOR THE BOC

 

With a rate cut widely expected, watch how USDCAD trades vs. 1.38 as that will dictate its post metting tone.

Key resistance is at 1.3846.

Support zone is 1.3700-50.

[Author]

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