Technicals:
Target = 121
- Above 21 EMA ^ 20 SMA
- Middle of rising HTF channel
- Multiple bounces off golden fib levels (~102)
- MACD building momentum to upside
Macro
- LEI, T10Y2Y, ETI signaling recession
- Record US consumer debt >$1 Trillion, personal savings below pre-pandemic levels
- ~22% Commercial Bank interest rates on credit cards on commercial real estate
- Manufacturing FED index, PMI, consumer sentiment lows
- China QE (weaker yen)
Gold & Bitcoin
- Frenzy central banks gold buying (bearish for DXY)
- Halving event & spot Bitcoin ETF sell the news events (bullish for DXY)
NOTE: Bitcoin is super bullish long term however 2023 could have some wild chops up and down...
Incoming events
- FED cuts (weakening economy)
- US elections in Nov 23 (uncertainty)
Invalidation
Breaking below 101
Target = 121
- Above 21 EMA ^ 20 SMA
- Middle of rising HTF channel
- Multiple bounces off golden fib levels (~102)
- MACD building momentum to upside
Macro
- LEI, T10Y2Y, ETI signaling recession
- Record US consumer debt >$1 Trillion, personal savings below pre-pandemic levels
- ~22% Commercial Bank interest rates on credit cards on commercial real estate
- Manufacturing FED index, PMI, consumer sentiment lows
- China QE (weaker yen)
Gold & Bitcoin
- Frenzy central banks gold buying (bearish for DXY)
- Halving event & spot Bitcoin ETF sell the news events (bullish for DXY)
NOTE: Bitcoin is super bullish long term however 2023 could have some wild chops up and down...
Incoming events
- FED cuts (weakening economy)
- US elections in Nov 23 (uncertainty)
Invalidation
Breaking below 101