Weekend Market Report: StatsEdgeTrading

Golden Rally

A Look at Bitcoin

An evening star pattern is evident in Bitcoin's more recent performance: we've seen a significant push up, followed by a doji candle (indicating market indecision), and subsequently a downward trend. This pattern is quite interesting - the doji candle represents a tough struggle between buyers and sellers, and the subsequent downward movement could warn of more potential losses.

But bear in mind: a hefty number of doji candles has been identified on Bitcoin's weekly chart. This makes it rather challenging for those trying to predict short-term market directions.

Remember, these are just my thoughts and shouldn't be taken as financial advice. Ensure you do your research before making any financial decisions.

The Currency Situation

If you're bullish on equities, keep a keen eye on the currency segment: a surging dollar often leads to a dip in stocks and vice versa.

Sift through the various currencies, and you'll see that the New Zealand dollar (or 'kiwi' if you're hip) is the outlier, underperforming all others. It's been basing in a particular area, making no significant movements, and is now poised ominously at its lowest points. It smells like trouble for the kiwi.

On the other hand, the yen is doing alright, (although night-time holds do raise concerns). With the Bank of Japan pledging to defend the currency, it might become this particular zone's guardian.

Indexes

The SPY 0.00%↑ failed to retake its breakdown area this week. I would want to see that reclaimed soon to remain bullish.

Most of the bullish sectors this week were heavily oversold going into the week.

Taking Stock of equities?

In the equities market, Yelp seems to be making unexpected strides, with an impressive uptrend and potential breakout on the horizon. DVAX also offers up a promising outlook: it's holding its ground at the significant $14-$15 mark and showing up on the anchored VWAP scan.

UEC is showing signs of strength, holding fast despite the recent downturn in uranium. With an impressive 11% short float, and the prospect of continuing ascension, it's one to watch.

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