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. This is a huge week for markets. Tomorrow the CPI report will be released. This has been the biggest market moving report of the year. Then on Wednesday we have the FOMC rate decision. The Fed is expected to raise rates by 50 basis points, but the verbiage could be the market mover. Recently, Jay Powell started talking about smaller rate increases. Then as if that was not enough we have a quadruple witching options expiration on Friday. That is when we have 4 different asset classes expiring and it usually makes for a volatile week. Yield curve has been inverted for 116 days, and it’s gotten steeper. Big sell-off in financials.
2. Nat gas is on fire again this morning trading higher by over 8% on the day. I have missed this latest move, but it has been a solid bounce over the past 4 sessions. Nat Gas futures (NG) are now nearing some daily chart resistance around the $7.20 area.
Oil is also strong today trading higher by 2.5%, 72.85 /barrel. Oil has been very volatile lately and that could be the case this week. Either way, I like it down here if it makes a pullback.
3. Gold is a little bit on the soft side today trading down by 0.4%. The chart still looks solid for gold to make another minor leg higher, but some more backing and filling might be necessary first.
4. Bitcoin is a little on the soft side today. The popular crypto equity is hanging in there for now, but the bigger time frame patterns suggest a move into the 11K handle. Anyone nibbling here should be careful at this time.
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