from Daily Market Wisdom with Nick Santiago
For more than 20 years, Master Trader Nick Santiago has been beating the markets. He’s made some incredible calls along the way and now he’s looking to spread the word. There’s no reason that the average trader should be coming up short. So now we’ve started a daily show to bring you up to date on the latest market developments. Nick will be sharing trades and concepts and discussing current trends.
Today:
1. The stock market is under pressure again this morning. The S&P 500 is now testing its 100-week moving average and the psychological 4000 level is in sight. This is a very oversold market right now with a lot of bearish sentiment, but that doesn’t seem to matter right now. If there is one word of advice. markets do not fall in a straight line. There will be bounces. At this time, inflation in food and energy is hurting the US consumer. Plus, if you add in the endless geopolitical events it is really weighing on the markets.
2. Gold is under pressure again today. This dip comes as yields on the 10-year note reached 3.2%0. The US Dollar Index is also at 4 year highs. The next major support level for gold futures is around 1790. Silver may test $250.
3. Bitcoin is also falling today. We warned a couple of weeks ago that it was hanging on by a shoestring and if it traded sideways a little more it would form a bearish pattern. Well, that is exactly what happened. Bitcoin has daily chart support at 30,000 and then around the 27,000 level.
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