The title is not true for Bitcoin, as it reversed exactly as I thought. It kissed 50 DMA and is now heading downwards. Looks like Bitcoin will hit $33k before one needs to pause and reassess the situation.
The key markets that I am talking about are S&P and US Dollar.
Equities, I thought, will rally a bit more before heading down. A strong jobs report could have given a further boost to equities but the US Dollar looks like it is prevailing and the market is looking at US Rates for clues.
The US dollar looks set to test the shoulder line once again. This just indicates that the market is nervous. Even after Friday's spectacular rally, the markets are cautious. After all one data point shouldn't be strong enough to cause a reversal.
Rates markets haven't opened up yet, for me to share an updated chart. Last week, all treasuries did was a rally.
Crude is up today. Is it indicating the outcome of the OPEC+ meeting. We will find it in the evening today.
Indian equities on the other hand are indicating an opening of +0.5%. I think the overhang of Friday's rally in the US is still there. The market will sync with US futures later during the day I feel.
I think a post on Indian equities is long due. Will do one during this week. This is anyway going to be an interesting week for markets. Let's see what narrative wins - reflation or stagflation.