The Trading week ahead: Update Monday morning UK 13/02/23:
OVERVIEW:
- Quieter week ahead in terms of scheduled economic news releases. Look out for US CPI numbers out Tuesday.
- Stock markets: Global bullish momentum slowing. Nasdaq 100 this years stand out bullish index so far.
- Commodities: Oil bulls jumping back in? Metals / Gold complex weak.
- Soft commodities complex hotting up – Sugar No11, FCOJ.
- US Dollar strengthening. JPY, GBP, EUR weakening?
- China / US concerns on balloongate still playing out!
- Crypto complex upside momentum slowing – BTC, ETH retracing?
***DONT FORGET TO CHECK OUT THE STOP HUNTER TRADERS CLUB, where you'll be able to get the FULL weekly report: includes more markets, more analysis, opinion, trade ideas - more details at bottom of this article!
Trending on Social Media this morning:
- USA: LYFT, CSIQ, XOM, C3 AI, TSLA, BBBY - Sectors: AI
- UK: C3 AI, XOM,
- AUD: GOOGL - Sectors: Coal
- SA: MTN, PPC,
Chart of the week:
$Alphabet(GOOG)$ Google are into everything – AI, cyber security, data, analytics, software, hardware etc. They are one of those sleeping giants you cant ignore! A 45% price correction from highs toward the end of 2021, means a possible 95% upside potential in the medium term targeting just under $200!
STOCK MARKETS: Global gains starting to slow in February. Signs of more widespread pull back / correction? US markets still the strongest. Nasdaq 100 up 12% YTD. SP500 4090, NDX100 12391, DAX 15344. FTSE100 7900.
S&P500 VIX Volatility picking up = S&P500 weak bearish?
Global performance YTD: NDX100, SZSE Composite, SP500 – leading the way!
Commodities: METALS weakening across the complex. Platinum & Palladium breaking down. Copper retracing back to longer term trend line support? GOLD: $1850 looking like the key price retracement level – can it bounce from here? If not $1800 to $1750 next down targets?
ENERGY: Heating Oil found support at 2.75 – now flat. UK Oil (Brent) looking to push back up again? US NatGas prices still falling but momentum looking slower. WTI - the bulls heading back in? Bounced nicely from that $73 zone. Upside targets $82, $84. Small pullback on that price rally?
SOFTS: A lot more happening– FCOJ flying, Sugar staying strong. NY Cocoa poised for a bullish break up? Lumber retracing back to lows.
CRYPTO: Bitcoin looking weak again – 20500 first pullback area, then 19500 and 18000 next downsides. Highly correlated to US stock market – watch for strength / weakness there for future Bitcoin performance direction. ETH trading 1484.
Best of the rest Crypto (bullish opportunities): TRX, MATIC, FET
FOREX: USD still gaining strength in the shorter term. CAD also picking up some bullish momentum. JPY, EUR, GBP weakening off.
Pair combo ideas: (see attached report for currency strength for Majors and Emerging Market currencies):
- -GBPUSD, -EURUSD -GBPCAD,
- +USDJPY, +CADJPY
MAJOR Currency pair price action:
Emerging market CCYs: MXN strong, ZAR weak:
Scheduled economic news events to watch out for this week: (Times = GMT)
US Earnings to watch this week - My picks of the week:RBLX, PLTR, DDOG, ROKU, SHOP, TWLO, VALE
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Good luck with the trading!
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Regards Stephen
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