Rally looks to be back on track, for Equities, and for Crypto

Technical Strategy Video (Recorded Thursday, October 28th):

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Key Takeaways

  • US equity trends took a turn for the better Thursday despite the low GDP print; Structurally this looks likely to lift SPX up to 4634 near-term
  • US Dollar decline looks to be temporary as the EURUSD surge casts doubt on the market believing Lagarde’s dovishness- EURUSD resistance at 1.17
  • Bitcoin rally likely completes this recent consolidation and projects up to near 73k
  • Apple and Amazon post—market selloffs do little to alter their technical structure

Strength in $SPX on hourly charts shows this consolidation to be likely complete, for now given Elliott wave structure; Rally up to 4634 looks likely into early November before any backing off. Bigger picture, SPX should rally to 4700-60 into mid-December technically, but not as a straight line. Momentum and breadth remain positive on daily charts while still waning on weekly ones.

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1-2 Punch hurts the US Dollar in the near-term; Euro surges to new weekly highs

Thursday’s ECB meeting looked to have finished on a bit more hawkish note than the ECB intended. Markets still look to be casting doubt on Lagarde’s dovishnessLagarde acknowledging that inflat...
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