Time For Monthly Charts

Michael Nauss CMT | StatsEdgeTrading

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Welcome to the weekend market wrap-up! I'm Michael Noass from StatsEdge Trading, here to give you a comprehensive look at the markets, including crypto, forex, and individual ETFs. Let's dive into what happened this week and what we might expect next week.

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Crypto Analysis

Bitcoin (BTC)

- Monthly Chart: Bitcoin is still churning near its previous high, showing signs of digestion.

- Weekly Chart: We see a potential double top or bottom, indicating sideways movement for now.

Ethereum (ETH)

- Monthly Chart: Ethereum hasn't reached its previous high yet but shows some relative strength compared to Bitcoin.

- Weekly Chart: Holding above key levels, suggesting a possible stronger performance than Bitcoin if the market moves.

Pepe (PEPE)

- Weekly Chart: Despite a recent pullback, Pepe found support at a prior high, indicating an orderly correction rather than a collapse.

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Forex Analysis

US Dollar Index (DXY)

- Weekly Chart: An indecision week for the dollar, with a spinning top candle. Watch for next week's movement to determine direction.

Euro (EUR/USD)

- Weekly Chart: The Euro is pinched between support zones, looking for direction. Watch for a potential bounce or further decline.

Japanese Yen (JPY/USD)

- Weekly Chart: The Yen is volatile. The Bank of Japan might intervene again if the currency weakens further.

Swiss Franc (CHF/USD)

- Weekly Chart: Facing resistance at an anchored VWAP. A reversal could lead to a push lower.

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Equity Sector Analysis

S&P 500 (SPY)

- Weekly Chart: Potential tweezer top, indicating a possible pullback. An orderly pullback would be healthy.

Communication Services (XLC)

- Monthly Chart: Near a prior high, suggesting a possible digestion phase before any further move up.

Energy (XLE)

- Weekly Chart: A bottoming tail suggests a successful retest of prior highs, indicating potential for a move higher.

Financials (XLF)

- Weekly Chart: Consolidation after a breakout. A potential higher low could signal continuation.

Industrials (XLI)

- Weekly Chart: Holding up well, with four months of sideways consolidation, indicating potential for a breakout.

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Trade Ideas

Snapchat (SNAP)

- Setup: Rounded bottom pattern. Looking for a breakout after a pullback

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Tesla (TSLA)

- Setup: Potential inverse head and shoulders pattern, suggesting a possible reversal.