[Belgrade Bobby]

NVDA
Nvidia’s stock turns sharply lower with a $230 billion swing in market cap
Nvidia Corp.’s run as the largest U.S. company by market capitalization is on track to get clipped after just a day, with shares of the chip giant reversing sharply lower in Thursday afternoon action.

[Belgrade Bobby]

GME – GameStop Corp

GME: GameStop Stock Down 63% from Frothy Highs Last Month. Is Meme Trading Fading?

Roaring Kitty can only do so much — his PR stunts and screenshots took degen traders on a wild ride that ended where it started. Now, many are left holding the bag.

·         GameStop shares in bad place.

·         Flurry of events batters traders.

·         CEO Ryan Cohen to cut costs.

GameStop Corp  GME stock has lost close to 16% this week following its annual shareholder meeting, where CEO Ryan Cohen emphasized a strategic pivot towards profitability through cost reduction.

Cohen also emphasized the need to avoid the “hype” associated with the meme-stock frenzy.

[Belgrade Bobby]

NASDAQ 100 Daily

Supports at  19.680.00, 19.365.0

Resistances at  20.100.00 & 20.265.00

After two weeks of almost vertical climb , today we saw first the new high and then e a decent bounce of the that high.

As long as it holds above 19.365.00 it can continue to push for more .

[GVI Forex 2]

GBPUSD 4 HOUR CHART – PAUSES ABOVE SUPPORT

 

 

It still amazes me how uncanny The Amazing Traders can be with its chart levels and this chart shows the 1.2756 level what I posted much earlier.

Note how GBPUSD paused above 1.2656 and after a period of going sideways, has given up and staged a bounce.

The Amazing Trader

[GVI Forex 2]

More like rotation into the lagging DJIA

[GVI Forex 2]

XAUUSD 4 HOUR CHART – Risk off or a technical move?

 

 

Xauusd break of 2341 takes it our of its recentg range and into one where 2387 is the key l;evel.

To keep it simple. Watch 2350 as it will dictate whether this move can make a run at 2387.

Fallback support is from 2331-41.

[SF Monedge]

It looks to me like there is some mild risk aversion across markets

[Mtl JP]

Some moods swirling around markets
–
Yahoo Finance
Fed will ‘join the party,’ cut rates at some point in 2024
… the debate rages on over when the Fed will cut rates

(WSJ) EU Recommends Disciplinary Action Against France for Excessive Deficit
The Commission also backed action against Italy, Belgium, Poland, Hungary, Slovakia and Malta for the same offense

The Commission, which polices the European Union’s budget rules, also backed action against Italy, Belgium, Poland, Hungary, Slovakia and Malta for the same . Its recommendations will be considered by EU governments at a meeting next month.

(CNBC) And a message European peasants from IMF’ s kristalina:
Your productivity sucks: prepare to work ! and work harder !!

https://www.cnbc.com/2024/06/20/imf-chief-says-europe-looks-like-an-ideas-supermarket-for-the-us.html
IMF chief says Europe looks like ‘an ideas supermarket’ for the U.S., calls for further integration

[michael Calif]

revisio  –  now buying all EURUSD declines   :Option Profile

[GVI Forex 2]

llOOK AT THE POICE ACTION AND SEE WHAT i MEANT BY What Does it Mean When a Currency Feels “Bid in an Offered Market?” SCROLL BELOW)

[GVI Forex 2]

EURUSD is still down on the day but getting support from some crosses… EURGBP, EURCHF

[GVI Forex 2]

DOLLAR IS UP VS ALL CURRENCIES ALTHOUGH IT MAY NOT FEEL THAT WAY DEPENDING ON WHICH ONE YOU ARE TRADING.

bIGGEST LOSER IS THE chf

[GVI Forex 2]

No change in FEd rate cut pricing after US data that was a touch softer

See our Economic CALENDAR

[Belgrade Bobby]

USDCHF Daily

Supports at 0.88750 & 0.88450

Resistances at 0.89150 , 0.89400 & 0.89750

That support line you see is a Clone – historical angles that are used when the pair is moving Up .

So it is only an indication of what might serve as a support.

Also, it is now wide enough to expect it to hold for awhile.

[Belgrade Bobby]

EURUSD 4h

Resistances 1.07400 & 1.07600

Supports 1.07100 & 1.06850

Pattern suggests fall to 1.06850 today , few bars waiting period and tomorrow morning attack at last support 1.06500.

That is what pattern suggests – now as lately every single  piece  of data can make a mess….

[Swiss Frank]

 

 

when or if?

[Swiss Frank]

SNB comes thru

– Recent meetings Jordan referenced the role a strong CHF plays in fighting inflation.

– Current meeting Inflation forecasts lowered, significant chf strength noted, current inflation pressures are domestic service driven, int rates lowered with room for another cut in Q3.

 

That said, against a backdrop of global tensions not going away anytime soon probably implies the CHf won’t run away to the downside but imo has room to walk in that direction, and favorite liability ccy play.

[GVI Forex 2]

NO SURPRISES FROM THE BOE BUT PRICE ACTION SUGEGSTS SOME TOOK IT DOVISH OR JUST A MATTER OF BUY THE RUMOR AND SELL THE FACT REACTION.

[GVI Forex 2]

A look at the day ahead in U.S. and global markets from Mike Dolan

Wall Street returns from its midweek break to find record high stocks still chomping at the bit, with overseas monetary easing in focus as the Swiss cut interest rates for the second time this year and the Bank of England decision now awaited.

Morning Bid: Stocks up as Swiss cut again, BoE eyed; yuan slides

[Mtl JP]

Gold 2338
Crude 85
Euro 1.0729

bla bla bla bla bla

Hezbollah leader threatens Cyprus as tensions with Israel ramp up Threat comes just a day after Israel warned the powerful Lebanese militant group that the prospect of “all-out war” was “getting very close.” cnn

Israeli Foreign Minister Israel Katz to warn of an “all-out war” in which “Hezbollah will be destroyed, and Lebanon severely beaten.”
“The enemy knows that no place in the entire (state) is safe from our missiles, and it won’t be arbitrary. Everything will be deliberately targeted,” Nasrallah

[GVI Forex 2]

USDCAD 4 HOUR CHART – BID IN AN OFFERED MARKET???

 

 

This is an example of a currency where the chart shows momentum ti the doiwnside but raises the question whether it is a case of feeling bid in an offered market?

A break of 1.3662-80, should it occyr (noit a forecast) would answer that question.

[GVI Forex 2]

test

[GVI Forex 2]

As I look at the price action in EURUSD it reminds me of this article in our blog, which is worth a read

What Does it Mean When a Currency Feels “Bid in an Offered Market?”

What Does it Mean When a Currency Feels “Bid in an Offered Market?”

[GVI Forex 2]

GBPUSD 4 HOUR CHART – WAITING FOR THE BOE

 

 

As we wait for the Bank of England decision, I pointed out minor and key levels on the chart.

When the dust settles after the decision, 1.27 will likely set its intra-day tone.

[GVI Forex 2]

USDJPY 4 HOUR CHART – CARRY TRADES?

 

 

Break of 158.25 leaves a void until the major 160.16 high. Normally this would be a clear path hher but BoJ intervention risk cannot be ignored.

On the downside, expect a very strong bid if 157.25 becomes support although bids likely below the market as long as above 157.50

As I noted this week, putting the pieces of the puzzle together, affirmer stocks and a firmer USDJPY suggest the JPY could be a funding currency of choice for carry trades.

[GVI Forex 2]

USDCHF 4 HOUR CHART – FX RATE PROTESTR?

 

 

The SNB decisiob to cut interest rates was proably partly in trsponse to the recent appreciation of the CHF/

As this chart shiws, .8992 is the key level that would need to be broken to break the downtrend (trendline as well).

In any case, the rate cut has restored a 20way risk

[GVI Forex 2]

SNB cuts key cuts 25 bps to 1.25% from 1.50% previously

[GVI Forex 2]

SNB cuts key cuts 25 bps to 1.25% from 1.50% previously

[GVI Forex 2]

A look at the day ahead in European and global markets from Ankur Banerjee

British inflation may have returned to its 2% target for the first time in nearly three years, setting the stage for the Bank of England to cut interest rates – just not on Thursday.

Morning Bid: Bailey likely to bail on rate change

[GVI Forex 2]

June BoE MPC Preview:
Inflation still the stumbling block to rate cuts

The BoE’s May MPC meeting saw Deputy Governor Dave Ramsden join long-term dove Swati Dhingra in calling for an immediate 25 basis point cut in interest rates. The other seven members all again opted for no change. Approaching this month’s meeting, there has been a further, but less than wholly convincing, decline in inflation, while wages have remained stubbornly robust. Consequently, with the real economy having moved out of recession, the overall mix has left speculators expecting no change in Bank Rate and the first cut to be deferred until at least the first meeting after the summer break in August.

Econoday

[Author]

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