Market Overview
S&P Continues to Hit New Highs, with the S&P and Nasdaq rising for the fourth consecutive time, but turning lower intraday; the Dow fell more than 200 points at one point. Following the financial reports, 3M fell 11% leading the decline, Johnson & Johnson fell over 1%, Verizon rose nearly 7%, and Procter & Gamble rose over 4%. Nvidia fell nearly 2% in early trading and then rebounded. Microsoft and Meta rebounded, reaching historic highs. After the financial report, Netflix surged nearly 9% after hours.
The yield on the 10-year US Treasury rose back above 4.10%, while the 2-year yield approached a two-week high before turning lower.
The US dollar index hit a six-week high. After the decision of the Bank of Japan, the yen rose in the short term and then fell, approaching a more than seven-week low.
Crude oil fell from a nearly four-week high, with Brent crude falling below $80, and US oil falling more than 2% intraday. Gold rebounded. London aluminum rose over 3%, London copper rebounded to a two-week high, and London lead rose for the fourth consecutive time to a two-month high. Bitcoin fell by over a thousand US dollars intraday, breaking below $39,000 to hit a seven-week low.
Market Review:
As shown in the previous article, the plan was to enter long positions around 39,000 plus or minus 200 points. Yesterday's market reached the price range as expected. The market trend was slow, taking 2 trading days to complete this short market segment, so no article was updated yesterday, and the trend yesterday was consistent with the expectations in the previous article. Long positions were also entered at 39,000 and 38,550 yesterday. Overnight positions were also suggested early in the morning. There should be a profit of around a thousand points now!
The above chart shows the daily trend of BTC. The support effect of the 4-hour trend line, which was repeatedly mentioned in previous articles, led to a one-way decline after the trend line was broken, and the 39,000 mark was broken intraday yesterday!
This brief and rapid pullback has already exceeded ten thousand points since the peak of 49,000!
As shown above, after touching the previous trend line and the lower Bollinger Band on the 4-hour chart, the price stabilized and rebounded early in the morning. It is still in the oversold rebound phase. The rebound target we can focus on first is the middle position of the Bollinger Band, as shown in the chart, where the price has been suppressed multiple times before falling. Therefore, this is a strong resistance level that needs attention. Currently, the target price for the long strategy last night is temporarily focused on the range of 40,500 to 40,600, which is near the middle position of the 4-hour Bollinger Band.
Market Outlook:
Currently, it is still necessary to pay attention to the support level of 39,000 plus or minus 200 points in the short term. The drop from the high of 49,000 has already exceeded ten thousand points. Short positions should not be excessively chased or sold off. At this moment, it is crucial to focus on the stabilization of the 39,000 level in the short term. You can continue to hold the long strategy from the previous article for the day!
The recent market changes rapidly, and the short-term planned strategies need to be adjusted according to the real-time market conditions! It is wise to spend more time observing the market and less time trading!
For more real-time and accurate price strategies, please pay attention to the real-time prompts from the helmsman during trading hours!
Trade your plan. Plan your trade!
The recent market changes rapidly, with large fluctuations, so risk management is essential for trading! If there are any price changes during trading hours, or precise real-time price opportunities, the helmsman will provide real-time prompts to everyone!
All analysis and judgments are probabilistic predictions. The market carries risks, so speculation should be cautious!
2024.1.24
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