We need to pay attention to the next impulsive candlestick because it could give us a bit of a hint as to where we could go later, and for a bigger move.

• The S&P 500 Index had a wild ride Friday as the interest rate in the United States spiked.
• This is due to a hotter than anticipated jobs number coming out of the United States, which should keep the Federal Reserve relatively tight.
• Looking at this chart, you can see that we dipped quite significantly only to turn around and show signs of life.
• The only thing you can take into account with any certainty is the fact that we are going to have a lot of volatility.

The 4200 level is an area that I think will continue to see a lot of resistance, so you need to pay close attention to what happens in that area if we do rally. If we break above there, then it opens up the possibility of the market going to the 4300 level. The 4300 level is an area that has been rather massive resistance, so I think if we were to break above there then it opens up quite a bit of upward momentum and obviously changes as the overall trend.

That being said, I think it’s going to be very difficult to see that happen anytime soon. Breaking down below the 4100 level, it opens up the possibility of a drop-down to the 4000 level, possibly even the 3900 level which is where the 50-day EMA hangs about.

Wait for an Impulsive Candlestick

The only thing I think you can count on is that it’s going to be very erratic in this market, due to the fact that the market has a lot of crosswinds at the moment. There of course is the idea of higher rates, but there are also concerns about the economy slowing down, as we enter into what could be thought of as “stagflation.” It’s difficult to really get a grip on where we’re going next, but the one thing that I think you can see is that we are at a very important level on the longer-term charts, and we need to pay attention to the next impulsive candlestick because it could give us a bit of a hint as to where we could go later, and for a bigger move. Either way, I think we have a lot of questions to ask this market still.

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I suspect we may be drifting a little bit higher, only to turn around and fall apart again.

The S&P 500 was all over the place on Tuesday as it looks like traders are trying to figure out what to do with themselves. At this point, the 3800 level seems to be a bit of a magnet for the price, so it’s likely that we will revisit this area often. That being said, there are a lot of questions out there when it comes to the future of the market, and what we are going to do going forward.

The candlestick does look a little bit supportive, as it is a bit of a hammer. In this scenario, buyers could come in on dips, but I think it’s going to be short-lived in general. After all, the market has plenty to worry about, not the least of which will be the fact that the Federal Reserve is going to continue to tighten monetary policy, so it’s very likely that we continue to see downward pressure over the longer term. Because of this, the market continues to see opportunities for selling on rallies that show signs of exhaustion, something that I think is almost certainly going to be coming.

The 3900 level is an area that should be resisted, right along with the 50-day EMA which is breaking below the 4000 level and dropping. The 3750 level should offer support, and if we break it down below there it’s likely that the market goes down to the 3700 level. After that, the market could unwind quite drastically. The attitude of the market continues to be one that’s very tentative, but keep in mind that bear market rallies can be very violent. That might be part of what we had seen during the day, as the futures markets had melted down during Asian and European trading. Nonetheless, we are not that far from seeing selling pressure again, so I will simply stand on the sidelines and wait to see how it plays out over the next couple of days. Remember, Friday has the jobs number coming out of the United States, and it’s worth noting that the market will probably be kind of quiet once we get to Thursday. I suspect we may be drifting a little bit higher, only to turn around and fall apart again.

The NASDAQ 100 has gone back and forth during the bulk of the trading session on Thursday, which should not be a huge surprise considering that it was the end of the month’s rebalancing. Nothing has changed from a fundamental standpoint, so a lot of what we had seen during the trading session should be thought of as noise. That being said, the market could very well get a little bit of a bounce heading into the weekend, but I would anticipate that the 12,000 level is probably a bit too much to overcome.

When I look at this chart, I recognize that the 50 Day EMA above will continue to cause issues, and now that it is approaching the 12,000 level, I think that the previous selling and the indicator may come into the picture to cause even more downward pressure. If we were to break above there, then the NASDAQ 100 could very well go looking to reach the 13,000 level, where I see even more structural resistance.

On the other hand, if we were to break down below the 11,000 level, that could open up the trap door to send the NASDAQ 100 down to the 10,000 level given enough time. I do think that this is a market that will continue to get hammered from time to time due to interest rate fluctuations, but right now I just don’t see any reason to chase this market to the upside. This still remains a “fade the rallies” type of market, just as the rest of the indices do. Unless the Federal Reserve changes its tune completely, it’s difficult to envision this market truly picking up its feet and kicking off a new uptrend.

At this point, I think we continue to see a lot of fear and concern out there, and of course, as per usual, you will have to pay attention to the “generals” when it comes to the NASDAQ 100. That’s Tesla, Facebook (Meta), Apple, Amazon, and so on. Unless those markets suddenly start to perk up, it’s almost impossible for the NASDAQ 100 to show any real strength. Ultimately, this is a market that is going to follow right along with interest rates, and a handful of stocks. Fading rallies until we break above the 200 Day EMA is probably the soundest of strategies that I know right now.

You need to be very cautious with your position size, as the gold market has been like a wrecking ball for a lot of trading accounts lately. 

Gold markets were all over the place Wednesday, as we continue to see a lot of volatility in most major markets. Gold is being thrown around by the bond market, which is all over the place as well. Keep in mind that gold has a lot of crosscurrents to deal with right now, such as the previously mentioned bond market, the US dollar, the concerns about inflation, and the concerns of the global economy slowing down in general.

Looking at the candlestick, this suggests that there is a lot of indecision, and it’s worth noting that the 200-day EMA above is sitting at the $1855 level and going sideways. Because of this, it suggests that the market is more likely than not going to continue to see more consolidation than anything else. If we were to break above the 200-day EMA, we have to deal with the 50-day EMA, so therefore you have a situation where the noise above is going to continue to cause major issues.

However, if we were to break out above the $1880 level, then it’s possible that the market will have just completed a major “double bottom”, and then go looking to reach the $2000 level. The $2000 level is an area where we have seen massive resistance previously, so it could end up being a bit of a target for those who are trying to make out to the upside. Alternately, if we were to break down below the $1800 level, then it’s likely that the market could go to the $1750 level, maybe even the $1700 level after that.

Keep an eye on the US Dollar Index, because it does have a lot of influence on where we go in the gold market. You also have to keep an eye on that 10-year yield in America, because it is also a major negative correlation. Ultimately, gold is trying to figure out what it wants to be, but it looks like we are still trying to figure out what to do next. Because of this, you need to be very cautious with your position size, as the gold market has been like a wrecking ball for a lot of trading accounts lately. Ultimately, this is a market that continues to grind sideways more than anything else.

SHIB/USD has lived up to its title as a volatile cryptocurrency speculative asset in the past couple of days, as volatility has been delivered with a fireworks display.

Day traders who pursue SHIB/USD need to understand the significance of volatility that can impact their trading accounts if they do not take the correct risk management tactics. Curiously SHIB/USD rocketed to a high of nearly 0.00003000 in early trading yesterday; it did this as most of the other major cryptocurrencies were actually suffering strong selloffs. The ability of SHIB/USD to deliver fireworks like demonstration higher when the broad cryptocurrency market was in the midst of a bearish selloff should not be discounted by any potential speculators.

That is not the end of the story however, SHIB/USD after hitting a value higher that had not been touched since the 17^th of February began to fall in value. Traders should kindly note the fact that SHIB/USD trades in fractions of a cent, its moves are amplified because a small amount of money and a large amount of leverage can create dynamic results. In many respects it is a bit like wagering money in the casinos of Las Vegas or Monte Carlo. SHIB/USD fell to a low of nearly 0.00002510 after hitting yesterday’s high.

And there is more, before hitting the 0.00003000 mark yesterday, SHIB/USD had actually sank to a depth of 0.00002190. The last time SHIB/USD had traded at that depth was on the 18^th of March. Essentially traders have to acknowledge that yesterday’s result saw a high not experienced in two months, and a low which had not been seen in approximately one month. The highs and lows accomplished in the one day of trading essentially produced about a 30% plus change in percentage of values.

If you want to trade SHIB/USD you should be ready for volatility near term. The ability of Shiba Inu to move like a roller coaster is not an overstatement. You need to use a price entry order to get a fill that meets expectations. If this precaution is not taken your starting point in a trade may leave you rather surprised because of the ability SHIB/USD has to deliver sudden spikes up and down.

Currently SHIB/USD is trading near 0.00002780, but you should check on the price and compare it to this narrative, because it will have most likely changed. If you want to wager, perhaps trying to capture downside momentum may be a reasonable bet, this as the broad cryptocurrency market continues to remain rather nervous.

Shiba Inu Coin Short-Term Outlook

Current Resistance: 0.00002788

Current Support: 0.00002642

High Target: 0.00002871

Low Target: 0.00002180