Hi Riders, SPX was momentarily rejected by the macrotrend line as expected and is now looking to stabilize. Also, DXY is bouncing from support at the same time (not a coincidence!)
We are gonna focus on a couple of different charts on this edition:
2. EUR/USD chart
DXY (value of the US Dollar versus a basket of global currencies)
A stable or slight decline on the DXY is good for crypto and stocks as people prefer to invest their dollars into other assets instead of having cash that might continue to lose value.
Trend has started to flip bearish: Trend hunter bearish.
Bouncing from Very important support 100-103 area: This is the real test, not much support below until our target green areas.
If support breaks we could see a rapid recovery from crypto and stocks.
Trend has flipped bullish.
Price reached 1st take profits target and facing resistance.
If it closes above target 1 then aim for target 2 and 3.