S&P USD Correction

By: Nadeem_Walayat

The S&P trend tends to be inversely correlated to the USD trend as this inverted chart of the USD illustrates, where what the stock market seeks is either a dollar trending higher or a stable dollar within a range.

USD is targeting resistance at $107 that should contain it's rally that suggests whilst stocks are trending lower, that unless the USD breaks to a new high above $107 then most of the decline is behind the S&P i.e. a case of carving out a bottom whilst the USD carves out a top. The MACD also suggests that USD is going to find it sticky in the $105 to $107 range just as it did during last October. So we are seeing a normal correction in the stock market that was clearly in FOMO mode during March that finally snapped going into April.

So further dollar upside should be limited, i.e. looking at GBP at $1.234, I can see perhaps another cent lower to around $1.22, so an opportune time to exchange USD for GBP vs $1.29 where it was trading a few weeks ago.

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CONTENTS

S&P USD Correction
Stock Market Sentiment
Stock Market Trend Forecast 2024
Tesla Robo Taxis are Coming THIS YEAR!
How to Further Capitalise on Robots
AI Stocks Portfolio Accumulate and Distribute
Q1 Earnings Season
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By Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2023 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

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