NASDAQ 100
The NASDAQ 100 has been noisy this past week, but we remain somewhat sideways, despite the CPI number coming out hotter than anticipated. At this point, it looks like a market that is simply consolidating and remains between the 28,500 level below and the 30,000 level above. This market remains somewhat neutral.
Bitcoin
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Bitcoin fell this week as we continue to consolidate in a tight range at the moment, sitting right at the 50-Week EMA, as markets are trying to determine whether Bitcoin is going to go higher or if it is going to stay within the range between $84,000 and $ 65,000 below. At this point, the buyers are still a bit in control, but we are seeing a bit of stagnation at the moment. This is a market that is still trying to find its actual meaning. There are concerns with interest rates, and quite frankly, real-world use cases.
Silver
Silver markets were noisy this past week again, as we are sitting on top of the 50-Week EMA, and perhaps more importantly, the $65 level. This market continues to see the $70 level above as significant resistance. With this, the market simply seems a bit choppy and hesitant to get aggressive. With interest rates being very high, silver continues to struggle to take off to the upside. I am watching the interest rates in America, as well as the value of the US dollar, as both of those rising typically work against the silver market in general, historically speaking that is.
Gold
Gold continues to see buyers on dips, but we are essentially where we have been for a couple of weeks. This is a market that has the 50-Week EMA sitting just below, and the interest rate situation continues to be a bit of a headwind. Ultimately, this market is likely to continue to see a lot of noise, especially as we get close to the Federal Reserve interest rate decision on Wednesday. Ultimately, we are at a point of inflection in this market, meaning that we will continue to see chop.
USD/MXN
The US dollar against the Mexican peso rallied a bit in this market for the week, but we still see plenty of downward pressure in this pair. The 17 MXN level is an area that has been important more than once, as it still looks likely that sellers will be willing to short if the interest rate differential continues to be in favor, as Mexican rates are higher. This carry trade also gets a boost when the United States economy is doing well, as Mexico is the largest exporter to the United States, interconnecting the two economies at the hip.
EUR/USD
The euro has been noisy this past week, as the European Central Bank has raised rates by 25 basis points, but the Federal Reserve is expected to do the same this coming Wednesday. The 1.16 level seems to be an area that the market is comfortable with, and at this point, it makes sense that the most common trading action is looking for short-term back-and-forth action. Rangebound traders will continue to see this as an interesting market to approach.
AUD/USD
The Australian dollar continues to see a lot of noise as well, as we are trying to figure out the support near 0.7150 below. This market has also been paying attention to the idea that the Reserve Bank of Australia has to remain tight with its policy. Furthermore, this is a central bank that will continue to watch for potential inflationary spikes via the energy markets, and the potential disruption of supply that comes with the current situation in the Middle East.
S&P 500
The S&P 500 continues to see buyers on dips, as the market reaffirmed the crucial 7600 level as being important. This is an area that has been resistance previously, and “market memory” seems to have been in play this last week. The interest rate situation isn’t ideal in the United States at the moment, but as traders are already expecting rate hikes next week, this is being taken in stride at the moment.
