Cryptocoins Under Pressure

(5/12/22) Markets remain under pressure after April CPI numbers show hotter-than-expected inflation. But looking at longer-term charts can give a better understanding of where we've been...and where we're going. Are we over-bought, or over-sold, and where is the downside risk, and where is the potential support, moving forward? The S&P is currently 3-standard-deviations below the 50-week Moving Average, and money flow indicators are also over-sold. With the Fed remaining in a tightening mode, any reflexive rally will be limited. The NASDAQ is similarly deviated to the downside of its 50-week Moving Average, as well as over-sold now as much as it was in March 2020, as the Fed was reversing itself in terms of QE (which set up for a nice rally); we don't have that, yet.
Cryptocoins are also coming under a tremendous amount of pressure; Bitcoin, Ether, and others, have all become high-beta trades in the markets. Oversold positions indicate we could be seeing a tradeable rally, and if so, that would be a good place to take some profits.

0:43 - S&P 50-week Moving Average analysis
3:08 - NASDAQ 50-week Moving Average analysis
4:09 - Cryptocurrency analysis

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Produced by Brent Clanton
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