The S&P 500 has been all over the place during the trading session on Thursday, as it was the end of the month and of course, rebalancing occurs. That being said, it really doesn’t change anything from a fundamental standpoint other than cause people headaches. If you were trading the index during the trading session on Thursday, you’ll most certainly get chopped up during the day, because the swings were pretty wild. The NASDAQ 100 was even worse as per usual.

That being said, it looks like we may be due for a short-term bounce. Short-term bounce should be a nice selling opportunity yet again, because the market is in such a bearish place, and there’s really nothing to suggest that the economy is going to turn around. The 4000 level has the 50 Day EMA sitting at it, but I think there’s a lot of resistance at the 3950 level as well. I’m looking for some type of recovery here, so that I can start selling again as the trend is so firmly ensconced in the market.

The Federal Reserve is going to tighten until something breaks, and that something might just well be the S&P 500. Truthfully, it’s probably going to be found in the credit markets, but that’s not something most retail traders have access to. If we break down below the bottom of the candlestick for the trading session on Thursday, then we will almost certainly go looking toward the bottom again. I don’t like stocks, regardless of what country they come from. All indices look very bearish to me at the moment, because even with the Bank of Japan loosening its monetary policy, even the Nikkei 225 is struggling to gain.

This is the first time a lot of traders have dealt with a tightening cycle, and most certainly the first time 95% of them have had to deal with inflation. This is part of the problem right now because so many people have no idea what to do with themselves. We will continue to see volatility and choppy behavior going forward, which generally leads to lower pricing over the longer term. After all, investors don’t like shaky markets, so that does take a lot of money out of the equation.

We expect the lira to decline.

USD/TRY Forex Signal

Risk 0.50%.

None of yesterday’s buy or sell transactions were activated

Best entry points buy

• Entering a long position with a pending order from 14.62 مستويات levels
• Set a stop loss point to close the lowest support levels 14.46.
• Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
• Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts until the strong resistance levels at 14.85.

Best selling entry points

• Entering a short position with a pending order from 14.85 levels
• The best points for setting the stop loss are closing the highest levels of 14.98.
• Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
• Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts until the support levels 14.40

The Turkish lira fell against the strong dollar as the pair recorded its lowest level in a month, with investors rushing the US dollar at the expense of most major currencies and currencies of emerging economies. The lira continued to suffer despite government efforts to collect the dollar and rely on the local currency in most of the internal transactions, as reports showed that the Turkish government had issued the use of the Turkish lira in transferable sales contracts compulsorily. The government also placed a ban on residents of the public and private sectors in Turkey from agreeing to their payment obligations or indexed in foreign currencies in the contracts concluded between them in relation to the sale and purchase of movable and immovable, and all types of movable and immovable leases and leases.

On the technical level, without major changes, the Turkish lira continued to decline slightly against the dollar during today’s trading, with trading continuing within a limited trading range. The pair is trading above the resistance line at 14.76 on the 240-minute time frame, shown on the provided chart. The pair also rose around the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. The pair is trading the highest support levels that are concentrated at 14.76 and 14.60 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.85 and 14.89, respectively. We expect the lira to decline, especially after breaching the shown support level, as it targets 15.00 levels in the medium term. Please adhere to the numbers in the recommendation with the need to maintain capital management.