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Hey guys,

It’s hot today...

However, it is just another day in paradise down at the beach. I’m not sure what the go is, but the waves are big and clean. Not a great swimming day for the regular folk, but the surfers are loving life.

Really cool to sit by with breakfast, a coffee and the various morning market wraps that I like to soak in myself.

How’s your view looking?

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Market Overview

The overnight market sentiment was carried over from the lead in Asia for once, as Chinese president Xi’s speech was interpreted well by all sides with skin in the game. China was happy, Trump was happy and as a result of everyone being chilled the fuck out, markets were happy.

I’m just pretty sad that nobody got back to me about what Chinese Hawaii is really like. I know Steemit kills it with their Google SEO power, but maybe they need to work on their Baidu 😂.

I jest, I jest. Please don’t blacklist me.

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Indices Markets

The SPX has been one volatile market lately. If anything, this drop off the highs has given the market some up-down life, for a lack of a better description.

What I mean essentially is, that when stocks were just slowly making their way up, there was hardly any pullback, or when it came, the slow uptick then continued. No fuss, no questions asked, no volatility.

Let’s get into the charts though, yeah? As always, I start with a higher time frame look and work my way in:

SPX Daily

You can see on the daily that price has rallied back up into that support/resistance zone characterised first by that swing low spike and second by that spike when price was still moving up on the slow up tick.

This zone is definitley one that gets me interested as a trader and puts the market in play.

SPX Hourly

Working my way in, as I so eloquently put it above, you can see from the hourly chart that price has a nice intraday block level that we can expect some selling to be renewed in.

This is a really interesting spot for the SPX, because it’s where the battle for a higher time frame trend is infolding. No, it’s not the top of the market, but it may as well be.

If you can look to start building a short position here, you can set yourself up for some huge risk:reward gains if the higher time frame trend does in fact change and the market goes down. Or, if you’re wrong, then you take the loss and move on.

The setup is there and I don’t know if I am going to be able to help myself.

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Cryptocurrency Markets

Talking about markets that are in play due to the fact they held a higher time frame support/resistance zone, let’s take a look at some crypto action.

Bitcoin, while looking like it’s not an inversely correlated market to stocks, as the @bulleth blog I resteemed today details, is at higher time frame support and testing the long term bullish trend, while stocks on the other hand seem to be breaking the bullish trend of their own.

Take a look at the charts:

Bitcoin Daily

That trend line is higher time frame and long enough to be considered a zone rather than a level, so for me, its holding and puts bitcoin in play for trading.

Bitcoin Hourly

Look at how sexy that bottom touch is. Right into the block where buyers would look to do business on a pullback. Now I certainly don’t like this hourly chart as much as the SPX setup above, but it’s worth considering none the less.

What do you think about the trading comparison between the two markets? Leave a comment and let me know.

Yolo ✌🏻.

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@forexbrokr | Steemit Blog

Market Analyst and Forex Broker.

Twitter: @forexbrokr
Instagram: @forexbrokr

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