Market Overview Analysis by Michael Kramer covering: USD/JPY, USD/CAD, S&P 500, Nikkei 225. Read Michael Kramer's latest article on Investing.com
Credit spreads remained steady yesterday, but there were notable movements elsewhere. The one-month implied correlation index, which gauges how stocks might move together, increased. At the same time, the 50-delta one-monthAll these indicators suggest stocks dropped, making you think the S&P 500 went down yesterday, but it actually went up.
So, when the USD/CAD reaches a low point, the S&P 500 usually reaches a high point and the other way around. It’s not always exact, but when we use this with other tools, it helps us get a good idea of what might happen next.prices dropped yesterday and are getting very close to a significant breakdown. If the trend breaks, it could lead to a retest of support at $67.
The momentum on the RSI looks bearish to me, meaning it suggests prices might keep falling.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
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