âS&P 500 on the Brink of Technical Collapse. A Risk-off mood Spurred Demand for Safe-haven Assets.
â€US stocks plummeted with Dow -2.37%, S&P 500 -2.95% & Nasdaq -3.62% On technical front S&P 500âïž -Price broke below the Head & Shoulder Neckline, with lower highs of the right shoulder. -checkout my previous post about the target prices/levels to watch.
â€The US dollar index jumped to above 99 with 10-year Treasury yield rebounded higher at the support level 1.7% to 1.77%.
â€GBP plunged to 1.31 (-1%) , the lowest level since Sep 2000. EUR continued with the downtrend, slipped to 1.085, near the Feb20's low.
â€Oil (Uk oil) narrowed its gains on Monday, closed at $124.09, with intraday high hit $138. On technical front:âïž -yesterday's candle is a high wave candle, it indicates indecision of the market, foresee some weakness unless price retest the high of $138.
â€Gold jumped to near $2000 as VIX (Fear Index) was constantly high, closed at 36. On Technical Front:âïž Resistance: $2000 (big round number), $2030, $2060.
â€BTC & XRP in sideways, BTC near $38,000, XRP near 0.7200.
âCheck out my previous post about the Head & shoulders pattern in S&P 500: lnkd.in/eGFgNhuc
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