The markets look as IF they could turn again to the south. I will add a Nasdaq chart. ’
Of course things are not at all known, but the chart can give an immediate eyeball set of questions.
The simple would this go up or down?
No more TA on that, just it looks like a bad thing can happen. It is not going for new highs…most likely right now.
This could be why…the 10 year yield looks like it will probably go higher.
The FA is great right now? Sort of and looking into the future no not at all. We document that constantly.
Cryptos BTC and Eth becoming two different animals? They always were.
BTC looks bad or anemic.
It is now the odd man out with much higher transaction costs and far less utility than Eth. At least this could be the case in the next several weeks as Eth goes to proof of stake.
Now my personal problem I not invested in Eth beyond $360 but my art will trade in Eth. Can I read this independently of my material needs?
The chart looks poised to go higher. But the proof of stake happens end of September if it happens as declared.
The real question is will Eth ride down as the market falls? Or will the younger shrewd investors rally Eth regardless of their fathers’ brick and mortar economy? The two big cryptos in a sense have very little direct exposure to the business world on Wall Street. In that crypto is not involved with XOM or BAC or any of them reporting profits.
It is like owning or exchanging a bar of gold in that if JPM failed tomorrow the gold would not notice. Yet a piece of land would go down in value.
My only need to watch for the next two to three weeks. The story is about to unfurl.