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DAILY MARKET NEWSLETTER 02/05/2024

2024-05-04 07:13

Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.

Nasdaq 100 (CME)‎ (M4)‎ Intraday: under pressure.

Pivot:

17600.00

Our preference:

Short positions below 17600.00 with targets at 17400.00 & 17250.00 in extension.

Alternative scenario:

Above 17600.00 look for further upside with 17690.00 & 17790.00 as targets.

Comment:

A break below 17400.00 would trigger a drop towards 17250.00.

Bitcoin / Dollar intraday: rebound

Our pivot point is at 57230.

Our preference:

Rebound.

Alternative scenario:

Below 57230, expect 55930 and 55150.

Comment:

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (57618) but under its 50 period moving average (58299).

Ether / Dollar intraday: the upside prevails as long as 2910 is support

Our pivot point stands at 2910.

Our preference:

The upside prevails as long as 2910 is support.

Alternative scenario:

Below 2910, expect 2836 and 2792.

Comment:

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 2937 and 2938).