Market Shocker: ETH ETF Approval and NVDA Earnings Skyrocket Gains—But Is a Crash Coming?
Markets are wrapping up another strong week on the back of the ETH ETF approval and NVDA earnings.
But first I want to remind everyone that the market outlooks and video market updates are now available to ALL. So make sure you are checking those out.
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Now a few market comments before the week closes.
SPX put in a nasty reversal candle yesterday. Compare the Thursday candle with the April 4 candle that is marked by the blue arrow. I see some similarities here.
This is something I have been warning about given our 60 year cycle which we have been following beautifully this far.
At the begging of the week I said we would need to see a reversal this week for it to remain in step. With yesterday’s close and NVDA earnings trapping the bulls on the long side this looks like a correction ready to play out to me. And it comes right on the 120 degree date from the SPY IPO… no coincidence. We also have more inflation data coming out this morning so watch closely how the week closes on that.
As for crypto
BTC got rejected right at the red line which was the high on the weekly close. We now have a 3 day confirmed overbalance in time to the downside. So I would be watching for a further correction here as well.
For ETH
The ETF did go through but not without volatility. Yesterday ETH managed to close green but that candle tells us more volatility is coming. ETH has yet to trade above the red line which is a major weekly level. It is also struggling to get above the blue gann lines here.
With so many tokens having moved so hard off of the lows I would be watching for a pull back to buy over the next week or two given the setup in equities and BTC.