SPY reclaiming major support already?
Mis à jour
CPI report came in at what was expected which is Neutral/bullish news. This fundamentally invalidates most of the bearish anticipation I had for the market.If we close today's candle above this support, I will look for 412 as BTC looks like it is in a cup and handle pattern just about to break out. A weekly close this fast above support is really surprising. So as long as we close above this level today, I am bullish. Below it, and I will become very bearish to continue the trend. interest rates are still going to rise this year and create a volatile market so be on your toes. I think jobs and CPI came back positive/neutral for 3 reason I underestimated. The weather one especially.
-China re-opening allows the supply chain to become more stable and efficient
-Europe has had a warm winter so far dramatically reducing the need for oil and gas. Given how dependent they are on Russia for oil, the sanctions I was expecting to hurt them a lot. However, the warm weather just means that they don’t have high demand for it right now which keep prices low. Oil and gas underline basically every asset. If it goes up, prices go up, which means inflation does too.
-US has managed its oil prices from our large reserves and a few new sources to compensate for sanctioning Russia
I think though what we are seeing in the war though is just the tip of the iceberg and that new escalations when new troops are deployed on both side are going to make things get really rough
-China re-opening allows the supply chain to become more stable and efficient
-Europe has had a warm winter so far dramatically reducing the need for oil and gas. Given how dependent they are on Russia for oil, the sanctions I was expecting to hurt them a lot. However, the warm weather just means that they don’t have high demand for it right now which keep prices low. Oil and gas underline basically every asset. If it goes up, prices go up, which means inflation does too.
-US has managed its oil prices from our large reserves and a few new sources to compensate for sanctioning Russia
I think though what we are seeing in the war though is just the tip of the iceberg and that new escalations when new troops are deployed on both side are going to make things get really rough
Note
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