Pre-Open US

[Zforex]

US INDICES:

Stock Futures Decline with Surging Treasury Yields, Concerns Over Prolonged Fed Tightening
Stock futures declined on Tuesday as traders closely monitored the surging Treasury yields, which reached their highest point in 16 years. S&P 500 futures decreased by 0.5%, and Nasdaq 100 futures fell by 0.6%.
The 10-year Treasury yield stood at 4.735%, marking its highest level since August 15, 2007. This significant increase in the benchmark yield has occurred over the past month as traders assess the possibility of a more prolonged Federal Reserve tightening.
Investors have become increasingly concerned about the potential impact of an extended period of tighter Federal Reserve policies, worrying that this could potentially lead the economy into a recession. Consequently, Treasury yields have reached levels not witnessed in over a decade.
On the economic front, investors are closely awaiting the release of the Job Openings and Labor Turnover Survey for August, scheduled for Tuesday morning. According to economists surveyed by Dow Jones, there is an anticipation of 8.8 million job openings.
On the weekly Nasdaq chart, a double top pattern has been confirmed, with the neckline located in the 14,250-14,500 area. A breakout above these levels could lead the price toward the 200-day moving average on the daily chart and the lower boundary of the current long-term bullish channel..

USOIL

Oil Prices Fall on Stronger Dollar, Global Economic Concerns, and Mixed Supply Signals
Oil prices declined on Tuesday due to a stronger U.S. dollar, global economic concerns, and mixed supply signals. Brent futures dropped 56 cents to $90.15 a barrel, while U.S. West Texas Intermediate crude (WTI) fell 42 cents to $88.4 per barrel. The U.S. dollar reached a 10-month high against major currencies, making oil more expensive for other currency holders and potentially reducing demand. Turkey's announcement of resuming operations on a suspended Iraq pipeline also weighed on prices. OPEC+ is expected to maintain its output policy, but uncertainty prevails in the market. Saudi Arabia is likely to raise its November crude prices for Asia.
WTI is making the fourth consecutive selling day but finding support at the 87.8 level while forming a possible double top signaling a possible continuation of correction. If this happens the 86 level may play a solid support.

Crypto

Cryptocurrency Prices Decline with Surge in Bond Yields and Lackluster ETF Launch
Bitcoin and other cryptocurrencies saw a decline on Tuesday following a recent rally, primarily due to a surge in bond yields, which added pressure to risk-sensitive assets. Additionally, the lackluster launch of a cryptocurrency exchange-traded fund (ETF) added to the negative sentiment.
Bitcoin's price dropped by 3% in the past 24 hours, falling below $27,600 after briefly reaching $28,500 on Monday. Despite this slide, Bitcoin remained above the $26,000 mark, which has been a significant trading level for nearly two months, characterized by low volatility and trading volumes.
Adding to concerns, the launch of an ETF holding futures contracts for Ether, the second-largest digital asset after Bitcoin, was underwhelming. While seven Ether futures ETFs began trading after receiving clearance from the Securities and Exchange Commission, they saw minimal trading activity, with less than $2 million in dollar value traded within their first 15 minutes. This muted launch contrasted with the successful debut of the ProShares Bitcoin Strategy ETF, which traded $200 million in volume within its initial 15 minutes.
Overall, these developments suggest a potential waning of investor interest in cryptocurrencies, including Ether, and raise doubts about the significance of a Bitcoin spot ETF as a market catalyst. Ether's price fell by 4% to $1,660.
Bitcoin found resistance levels at the 100 and 200MA on the daily chart at the 28070 level. The price is forming a range indicating uncertainty. 25000 and 28000 are the support resistance of the actual range.

 

[Zforex]

US INDICES:

ADP Payroll Data Disappoints, Triggers Volatility as Treasury Yields Retreat
S&P 500 futures increased by 0.3%, while Nasdaq-100 futures saw a 0.5% rise.
According to ADP's report on Wednesday, only 89,000 private payrolls were added last month, significantly lower than the Dow Jones forecast of 160,000 and even fewer than the upwardly revised 180,000 payroll additions reported for August.
Following this data, Treasury yields retreated from their 2007-level highs. The 10-year Treasury yield fell to 4.756%, having previously crossed the 4.8% threshold on Tuesday.
The CBOE volatility index (VIX), known as Wall Street's "fear gauge," briefly reached a five-month high and exceeded its long-term average of 20, indicating growing caution and fear in the market.
The energy sector continues to experience selling pressure this week as the oil market faces a selloff, driven by concerns about demand due to growth projections falling below levels that can sustain high oil demand. Mega-cap growth stocks are under pressure in premarket trading, particularly Apple, following weaker demand for iPhones in the US. Additionally, the real estate sector is facing a selloff due to mortgage rates reaching 7.72%, a level not seen since 2001.
On the weekly Nasdaq chart, a double top pattern has been confirmed, with the neckline located in the 14,250-14,500 area. A breakout above these levels could lead the price toward the 200-day moving average on the daily chart and the lower boundary of the current long-term bullish channel.

USOIL

Saudi Arabia and Russia Extend Crude Output Cuts Following Demand Concerns
Oil prices dropped on Wednesday as Saudi Arabia and Russia pledged to extend crude output cuts until the end of 2023. However, concerns about weakening demand due to macroeconomic challenges offset these production-cut commitments.
OPEC+ Joint Ministerial Monitoring Committee (JMMC) held an online meeting, keeping the group's output policy unchanged. The JMMC is scheduled to meet again on November 26.
Investors are shifting their focus from short-term supply concerns to broader economic factors such as prolonged higher interest rates and their impact on the macroeconomic environment. They are also closely watching how OPEC+ plans to address these issues in their November 26 meeting, according to Investec analyst Callum Macpherson.
Saudi Arabia confirmed its commitment to a voluntary 1 million barrel per day (bpd) crude supply cut until the end of the year. Russia, on the other hand, will maintain its current 300,000 bpd crude export cuts until year-end and review its voluntary 500,000 bpd output cut from April to November.
WTI continues the selloff, breaking the neck of the double top pattern as it goes toward the 86 level, which might play as a solid support.

Crypto

Bitcoin Holds Steady Due to Stock Market Selloff and Rising Bond Yields
Bitcoin and other cryptocurrencies remained stable on Wednesday despite a stock market selloff driven by rising bond yields. Bitcoin's price experienced a slight drop of less than 1% over the past 24 hours, settling at $27,550. It has primarily fluctuated between $27,300 and $27,700. Importantly, Bitcoin has held above the $26,000 range, which had defined trading for over a month, although it slipped from its recent peak above $28,000 earlier in the week.
While traditional stock indices like the Dow Jones and S&P 500 experienced declines this week, Bitcoin remained relatively steady, not far from recent highs, despite the surge in bond yields. The 10-year U.S. Treasury note's yield reached 4.8% for the first time since 2007, raising concerns about interest rates.
Higher bond yields usually pressure risk-sensitive assets, but cryptocurrencies have held their ground. Traders maintain optimism following a strong September, hinting at potential gains in the coming month.
Overall, these developments suggest a potential waning of investor interest in cryptocurrencies, including Ether, and raise doubts about the significance of a Bitcoin spot ETF as a market catalyst. Ether's price fell by 4% to $1,660.
Bitcoin found resistance levels at 100 and 200MA on the daily chart at the 28070 level. The price is forming a range indicating uncertainty. 25000 and 28000 are the support resistance of the actual range.

 

[Zforex]

US INDICES:

Stock Futures Inch Lower After Jobless Claims Data, Recovering from Previous Session
S&P 500 futures dipped by 0.2%, and Nasdaq-100 futures decreased by 0.1%. Jobless claims closely matched expectations, with initial jobless claims at 207,000 for the week ending September 30, marking a 2,000 increase from the previous week but still close to the forecasted 210,000 by economists surveyed by Dow Jones.
Stocks rebounded from the prior session, with the S&P 500 gaining 0.8% on Wednesday, the Dow rising 0.4%, breaking a three-day losing streak. Among the major indices, the tech-heavy Nasdaq Composite was the top performer, surging by 1.35%.
The decline in Treasury yields also played a role, as the 10-year Treasury note rate retreated from levels last seen in 2007. This followed ADP's report of private job growth totaling 89,000 for September, significantly below the Dow Jones estimate of 160,000. This data reassured investors that the labor market is easing.
On the weekly Nasdaq chart, a double top pattern has been confirmed, with the neckline located in the 14,250-14,500 area. A breakout above these levels could lead the price towards the 200-day moving average on the daily chart and the lower boundary of the current long-term bullish channel.





USOIL

Oil Prices Continue Decline with Weak Demand and OPEC+ Output Policy
Oil prices dropped over $1 on Thursday, following significant losses the previous day, as concerns about weak demand outweighed the impact of OPEC+ maintaining oil output cuts.
The previous day, oil saw its largest daily drop in over a year, driven by a gloomier macroeconomic outlook and concerns about fuel demand. This occurred after an OPEC+ panel meeting, where the group, led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, made no changes to its oil output policy. Saudi Arabia pledged to maintain a voluntary cut of 1 million barrels per day until the end of 2023, and Russia would keep a 300,000 bpd export curb until the end of December.
Analysts noted that the softer prices could reduce the likelihood of OPEC easing supply constraints. Additionally, economic data indicated a shrinking Eurozone economy and a significant drop in U.S. gasoline demand.
Overall, the uncertainty surrounding the demand outlook, coupled with weaker economic data, is making it challenging for oil prices to rebound. A crude oil pipeline from Iraq to Turkey, suspended for six months, is now ready for operation, according to the Turkish energy minister.
WTI experienced a significant sell-off and is currently finding support at the last resistance level seen on August 10th. A potential recovery could push the price towards the $86 level, while a breakout might lead it towards the $78.60 level.



Crypto

Bitcoin's Resilience Against Inflation Compared to USD
Bitcoin has shown resilience against inflation when compared to the U.S. dollar, as per the St. Louis Federal Reserve's analysis from June 2022. They assessed the purchasing power of both currencies using the price of a dozen eggs. Surprisingly, Bitcoin displayed a more favorable trend.
Since January 2021, the price of eggs in Bitcoin, measured in satoshis, has fluctuated notably, ranging from 2829 to 6086 satoshis, accounting for transaction fees. Post-December 2022, the number of satoshis needed for a dozen eggs decreased more compared to the equivalent USD.

As of August 2023, Bitcoin holders require 70% fewer satoshis for the same eggs, while USD holders need 58% less USD. However, comparing egg costs to the start of 2021, both currencies have seen increases, with a 39% hike for Bitcoin and a 73% surge for the USD. This comparison has limitations due to the chosen timeframe.
In a longer-term perspective, egg prices today are lower than during Bitcoin's last pre-halving year in 2019, making the 2023 inflation relatively insignificant. In dollar terms, egg prices have notably risen, with the mid-2019 average just above $1.20 per dozen, which is 40% less than the current price.
The U.S. dollar index (DXY) is nearing one-year highs, drawing attention to the greenback. Analysts suggest foreign states may address currency imbalances due to their own struggling currencies. The U.S. economy is showing signs of concern, with a 2024 recession becoming increasingly likely, as per the Fed's data, indicating odds of nearly 60% in September. Bond yields are also on the rise in what's termed "bear steepening."
Bitcoin encountered resistance levels at the 100 and 200-day moving averages (MA) on the daily chart around the 28070 level. The price is currently consolidating within a range, which is a sign of uncertainty in the market. The support and resistance levels for the current range are at 25000 and 28000, respectively.

 

[Zforex]

US INDICES:
U.S. Stock Futures Steady as Markets Await Jobs Data
U.S. stock futures remained stable on Friday as investors awaited crucial jobs data that could sway future interest rate decisions. The forthcoming nonfarm payrolls report is anticipated to show a gain of 170,000 jobs in the previous month, down from August's 187,000. This data follows mixed job-related reports earlier in the week, where job openings exceeded expectations but private employment fell short, as per ADP figures.
It's essential to recognize that today's job numbers won't be the sole factor influencing the Federal Reserve's future rate actions. Upcoming inflation data, expected next week, will also play a pivotal role in shaping their decisions.
In Thursday's trading, consumer staples firms dragged down the broader market index. Despite robust earnings from Conagra Brands and Constellation Brands, both firms cited shifting consumer behavior. Walmart reported reduced food shopping demand due to diabetes drugs like Ozempic and Wegovy, impacting PepsiCo and Coca-Cola stocks, which fell around 5% this week.
Exxon Mobil is closing in on a substantial $60 billion deal to acquire Pioneer Natural Resources, potentially reshaping energy stocks. This could be Exxon's largest deal since the 1999 merger of Exxon and Mobil.
The real estate sector continues to struggle due to rising yields affecting mortgage rates, with the 30-year fixed-rate mortgage now averaging 7.49%, up from 7.31% last week. Over the past three months, real estate has been the poorest-performing U.S. stock market sector, trailing even utilities.
On the weekly Nasdaq chart, a double top pattern has been confirmed, with the neckline located in the 14,250-14,500 area. A breakout above these levels could lead the price toward the 200-day moving average on the daily chart and the lower boundary of the current long-term bullish channel. The SP500 index is nearing a historical level reached in the last May at 4200, representing a critical level for price action.
USOIL

Crude Oil Prices Set for Steepest Weekly Decline Since March
Crude oil prices are on track for their biggest weekly drop since March. This decline is driven by concerns over weak demand, despite OPEC+'s decision to limit supply. Brent crude has lost nearly 12% of its value this week, while West Texas Intermediate is down almost 9%.
The downturn started when the EIA reported sluggish U.S. gasoline demand, which swiftly shifted market sentiment. A bond market selloff also raised concerns about the global economy and its impact on oil demand.
Inflation in the United States is affecting consumer spending, including on fuel, adding to the demand woes. Gasoline inventories surged by 6.5 million barrels, the largest build since January 2022, and U.S. gasoline demand hit its lowest point since the early 2000s, according to the EIA.
Additionally, Russia allowed diesel fuel exports via ports again after a recent ban, but gasoline exports remained restricted.
The upcoming jobs report for September from the Bureau of Labor Statistics may lead to more price swings if it indicates a tight labor market, potentially prompting rate hikes that would further pressure crude oil prices. Additionally, the focus will shift to U.S. inflation data and economic updates from China in the coming week.
While OPEC+ has maintained its production cuts, economic concerns are now the primary focus for traders as the market tightens.
WTI made a huge selloff and right now finds its support at the last resistance level of 10 August. A comeback may take the price toward the 86 and a breakout will take it toward the 78.60 level.
Crypto

Bitcoin Holds Steady Before U.S. Jobs Report Release
On a mixed day for cryptocurrencies, Bitcoin experienced a slight decline on Friday as traders awaited the release of the U.S. jobs report for September, which was expected to impact bond prices and the broader market. Bitcoin's price stood at $27,623, down 0.1% over the past 24 hours, remaining resilient in the face of a stock market selloff driven by rising bond yields.
The upcoming September jobs report, awaited by the market, would test Bitcoin's role as a risk asset or a secure refuge. The report's results might influence Bitcoin's future price direction, potentially triggering a breakout and pushing its price to test $30,000, according to Bitbank analyst Yuya Hasegawa.
Bitcoin found resistance levels at the 100 and 200MA on the daily chart at the 28070 level. The price is forming a range indicating uncertainty. 25000 and 28000 are the support resistance of the actual range.

 

[Zforex]

US INDICES:

Stock Futures Decline with Israel-Hamas Conflict and Market Uncertainty
Stock futures experienced a decline on Monday due to the ongoing Israel-Hamas conflict, which added pressure to an already delicate market grappling with inflation and rising interest rates. S&P 500 futures saw a decrease of 0.5%, while Nasdaq 100 futures slipped by approximately 0.7%.
The Israeli-Palestinian conflict escalated into a full-scale war on Saturday following an invasion by the militant group Hamas, catching Israel off guard.
In response to the attack, major defense and oil companies saw significant gains in premarket trading, with Lockheed Martin and Northrop Grumman Corp rising by 4.9% and 3.6%, respectively. Marathon Oil and Occidental Petroleum also climbed, gaining 3.6% and 3.4%, respectively.
Despite a stronger-than-expected jobs report from the previous week, which initially pushed up Treasury yields and caused a dip in stocks, both of these indexes concluded the week on a higher note. The report indicated robust hiring, with the economy adding 336,000 jobs the previous month. Additionally, wages increased at a slower pace, offering investors optimism that inflation might be stabilizing.
The price range on the daily chart and the double top on the weekly chart continue to be the only significant indicators so far due to uncertainty. The neckline is located in the 14,500 area. A breakout above these levels could potentially push the price toward the 200-day moving average on the daily chart and the lower boundary of the current long-term bullish channel. Additionally, the S&P 500 index is approaching a historical level last seen in May at 4,200, which represents a critical level for price action.

USOIL

Middle East Conflict Sparks 4% Surge in Oil Prices
Oil prices surged 4% due to clashes between Israel and Hamas, sparking concerns of wider Middle East conflict. This reversed the prior week's 11% Brent and 8% WTI drops, tied to global demand fears amid a darkening economic outlook. Supply demand stayed steady, but Tamas Varga of PVM noted Middle East tension consistently boosts oil prices.
Hamas launched a major attack on Israel, prompting Israeli airstrikes on Gaza. This might disrupt U.S. efforts to mediate Saudi-Israel reconciliation, including a U.S.-Saudi defense deal linked to normalized relations with Israel. Saudi Arabia showed a willingness to raise oil production in this deal. Saudi Arabia and Russia agreed to 1.3 million bpd production cuts through 2023.
Uncertainty surrounds the oil price rally's duration, considering potential delays in Saudi-Israel reconciliation and Saudi Arabia's commitment to an additional 1 million bpd cuts if prices fall.
Concerns also arise about Iran's involvement. Expanding the conflict to Iran could risk up to 3% of global oil supply, and broader Strait of Hormuz disruption could affect 20%, warns analyst Saul Kavonic.
Additionally, OPEC raised long-term oil demand forecasts, contrasting the IEA's suggestion of demand peaking this decade.
WTI made a strong comeback, gaining more than 4% and touching the 200MA on the 4-hour chart. The long bullish trend still appears to be healthy, and it seems to be returning to a bullish track.

Crypto

Digital Asset Funds Attract $78 Million in Inflows
In recent news, digital asset investment funds saw substantial inflows, reaching $78 million in the second week, with Bitcoin leading at $43 million. Bitcoin trading volumes rose 16% over the past week. Some invested $1.2 million in short Bitcoin positions. Bitcoin's price increased from around $26,200 in September to about $28,400 in October.
Deribit, a crypto options exchange, plans to introduce options for altcoins like XRP, SOL, and MATIC. They seek a brokerage license in the EU.
The U.S. DOJ opposes including Anthropic AI's fundraising in Sam Bankman-Fried's defense, claiming the $500 million investment used customer funds, not for compensation.
Binance's three-month Bitcoin futures trading has a 5%+ premium, surpassing the 10-year U.S. Treasury yield, matching the two-year Treasury, indicating market shifts in futures trading.
Bitcoin continues hovering around the resistance level at the 100 and 200MA on the daily chart at the 28070 level. The price is forming a range indicating uncertainty. 25000 and 28000 are the support resistance of the actual range.

 

[Zforex]

US INDICES:

Stock Futures Decline with Israel-Hamas Conflict and Market Uncertainty
Stock futures experienced a decline on Monday due to the ongoing Israel-Hamas conflict, which added pressure to an already delicate market grappling with inflation and rising interest rates. S&P 500 futures saw a decrease of 0.5%, while Nasdaq 100 futures slipped by approximately 0.7%.
The Israeli-Palestinian conflict escalated into a full-scale war on Saturday following an invasion by the militant group Hamas, catching Israel off guard.
In response to the attack, major defense and oil companies saw significant gains in premarket trading, with Lockheed Martin and Northrop Grumman Corp rising by 4.9% and 3.6%, respectively. Marathon Oil and Occidental Petroleum also climbed, gaining 3.6% and 3.4%, respectively.
Despite a stronger-than-expected jobs report from the previous week, which initially pushed up Treasury yields and caused a dip in stocks, both of these indexes concluded the week on a higher note. The report indicated robust hiring, with the economy adding 336,000 jobs the previous month. Additionally, wages increased at a slower pace, offering investors optimism that inflation might be stabilizing.
The price range on the daily chart and the double top on the weekly chart continue to be the only significant indicators so far due to uncertainty. The neckline is located in the 14,500 area. A breakout above these levels could potentially push the price toward the 200-day moving average on the daily chart and the lower boundary of the current long-term bullish channel. Additionally, the S&P 500 index is approaching a historical level last seen in May at 4,200, which represents a critical level for price action.


USOIL

Middle East Conflict Sparks 4% Surge in Oil Prices
Oil prices surged 4% due to clashes between Israel and Hamas, sparking concerns of wider Middle East conflict. This reversed the prior week's 11% Brent and 8% WTI drops, tied to global demand fears amid a darkening economic outlook. Supply demand stayed steady, but Tamas Varga of PVM noted Middle East tension consistently boosts oil prices.
Hamas launched a major attack on Israel, prompting Israeli airstrikes on Gaza. This might disrupt U.S. efforts to mediate Saudi-Israel reconciliation, including a U.S.-Saudi defense deal linked to normalized relations with Israel. Saudi Arabia showed a willingness to raise oil production in this deal. Saudi Arabia and Russia agreed to 1.3 million bpd production cuts through 2023.
Uncertainty surrounds the oil price rally's duration, considering potential delays in Saudi-Israel reconciliation and Saudi Arabia's commitment to an additional 1 million bpd cuts if prices fall.
Concerns also arise about Iran's involvement. Expanding the conflict to Iran could risk up to 3% of global oil supply, and broader Strait of Hormuz disruption could affect 20%, warns analyst Saul Kavonic.
Additionally, OPEC raised long-term oil demand forecasts, contrasting the IEA's suggestion of demand peaking this decade.
WTI made a strong comeback, gaining more than 4% and touching the 200MA on the 4-hour chart. The long bullish trend still appears to be healthy, and it seems to be returning to a bullish track.

Crypto

Digital Asset Funds Attract $78 Million in Inflows
In recent news, digital asset investment funds saw substantial inflows, reaching $78 million in the second week, with Bitcoin leading at $43 million. Bitcoin trading volumes rose 16% over the past week. Some invested $1.2 million in short Bitcoin positions. Bitcoin's price increased from around $26,200 in September to about $28,400 in October.
Deribit, a crypto options exchange, plans to introduce options for altcoins like XRP, SOL, and MATIC. They seek a brokerage license in the EU.
The U.S. DOJ opposes including Anthropic AI's fundraising in Sam Bankman-Fried's defense, claiming the $500 million investment used customer funds, not for compensation.
Binance's three-month Bitcoin futures trading has a 5%+ premium, surpassing the 10-year U.S. Treasury yield, matching the two-year Treasury, indicating market shifts in futures trading.
Bitcoin continues hovering around the resistance level at the 100 and 200MA on the daily chart at the 28070 level. The price is forming a range indicating uncertainty. 25000 and 28000 are the support resistance of the actual range.

 

[Zforex]

US INDICES:

Exxon Mobil's $59.5 Billion Merger with Pioneer Natural Resources
S&P 500 futures added 0.3% and Nasdaq-100 futures gained 0.4%.
Exxon Mobil agreed to buy shale driller Pioneer Natural Resources in an all-stock transaction worth $59.5 billion, the largest merger announced on Wall Street this year. Pioneer shares were up 2% in early trading. Exxon was down by about 1%.
The 10-year Treasury yield was down more than 9 basis points to 4.56%. A day earlier, the benchmark U.S. yield fell, giving stocks a boost.
Wall Street will get another clue into the state of inflation on Wednesday with September’s producer price index report. Economists expect that the PPI gained 0.3% last month, according to Dow Jones.
In addition, minutes from the Federal Reserve’s latest meeting due in the afternoon will offer further insight into the central bank’s hiking cycle after it chose to skip an interest rate increase last month.
Traders are also looking ahead to Thursday’s consumer price index report for September.
The price range on the daily chart and the double top on the weekly chart continue to be the only significant indicators so far due to uncertainty. The neckline is located in the 14,500 area. A breakout above these levels could potentially push the price toward the 200-day moving average on the daily chart and the lower boundary of the current long-term bullish channel. Additionally, the S&P 500 index is approaching a historical level last seen in May at 4,200, which represents a critical level for price action.

USOIL

Oil Prices Steady Following Israel-Hamas Conflict as Russia and Saudi Arabia Discuss Impact
Oil prices remained relatively stable as traders monitored the ongoing conflict between Palestinian militants and Israel. Prices experienced a surge on Monday following Hamas' weekend attack in southern Israel, but they moderated somewhat on Tuesday.
Amid the escalating Israel-Hamas conflict, major oil exporters Russia and Saudi Arabia are scheduled to hold discussions about the oil market and oil prices on Wednesday. Both nations are participating in an energy conference in Moscow and will convene a meeting of their inter-governmental commission, as reported.
Russian Deputy Prime Minister Alexander Novak announced that the discussions between Russia and Saudi Arabia would focus on assessing the impact of the Middle East conflict.
WTI after the strong comeback, gaining more than 4% and touching the 200MA on the 4-hour chart today is coming back from that level but the long bullish trend is still healthy.

Crypto

JPMorgan Conducts Blockchain-Based Collateral Settlement Transaction
On Wednesday, JPMorgan conducted its inaugural live blockchain-based collateral settlement transaction involving BlackRock and Barclays, the U.S. banking giant announced. BlackRock utilized JPMorgan's Ethereum-based Onyx blockchain and Tokenized Collateral Network (TCN) to tokenize shares from one of its money market funds. Subsequently, these tokens were transferred to Barclays Plc to serve as collateral in an over-the-counter (OTC) derivatives trade.
On Tuesday, Coinbase encountered a new obstacle in its legal battle concerning the regulatory status of cryptocurrencies. U.S. state authorities and legal experts have now joined the federal securities regulators in asserting that the company operated an unregistered exchange unlawfully. The Securities and Exchange Commission's actions against one of the nation's largest cryptocurrency exchanges are perceived as crucial to the crypto sector's future. The industry accuses the agency of enforcing regulations in the absence of new laws from the U.S. Congress.
Bitcoin continues hovering around the resistance level at the 100 and 200MA on the daily chart at the 28070 level. The price is forming a range indicating uncertainty. 25000 and 28000 are the support resistance of the actual range.

 

[Zforex]

US INDICES:

S&P 500 and Nasdaq Futures Gain 0.4% as Inflation Data Awaited

S&P 500 and Nasdaq 100 futures gained nearly 0.4% each.

The consumer price report for September will be released Thursday morning. Economists surveyed by Dow Jones are forecasting a 0.3% month-over-month increase for September and a 3.6% rise from the prior year. Investors believe that the strength of inflation indicated in the report will play a key part in whether the Federal Reserve decides to maintain or raise interest rates at its two-day meeting beginning Oct. 31.

The data comes following a stronger-than-expected producer price index for September.

Atlanta Fed president Raphael Bostic and Boston Fed president Susan Collins will be giving remarks Thursday afternoon, which could give Wall Street more insight into the central bank’s stance.

On a daily basis, a possible descending triangle is forming. The support level is at 14,500, while the resistance level is at 15,300, where the median line of the long bullish channel and the downtrend line coincide. Whether there is a bounce from this level or a breakout will depend on current macroeconomic developments and the pricing of upcoming meetings.

USOIL

Oil Prices Rise Following Growing Concerns Over Israel-Palestine Conflict

Oil prices are showing a gradual increase on Thursday, driven by concerns highlighted by the IEA regarding heightened market risks due to the escalating Israel-Palestine conflict. Additionally, OPEC producer Saudi Arabia has committed to maintaining market stability, aiming to prevent supply disruptions resulting from the Israel-Palestinian war.

According to the EIA, global oil demand is projected to rise by 3% to 10% from 2022 to 2030 and by 6% to 42% from 2022 to 2050. The most significant growth is anticipated in the scenario of high economic expansion, as outlined in the EIA's report.

Volatility is accelerating in the oil price and direction will be clearer after the geopolitical tensions calm down. 83 as support and 87 as resistance are right now in the price range.

Cryptocurrencies Experience Sixth Consecutive Day of Losses as Bitcoin Falls Below $26,750

Bitcoin and various cryptocurrencies faced a sixth consecutive day of losses on Thursday, despite other risk-sensitive assets performing well. This marked a reversal from a recent bullish trend as cryptos returned to their usual trading ranges.

In the past 24 hours, Bitcoin's price dropped by 1.5% to fall below $26,750, reaching its lowest point this month after nearing $28,000 over the weekend.

Returning to the $26,000 range is concerning as Bitcoin had previously stagnated in this zone for over a month due to low volatility and waning investor interest. In late September, there was hope for a bullish streak pushing towards the psychologically important $30,000 level.

Interestingly, Bitcoin's performance has diverged from the stock market, which saw four consecutive days of gains in the Dow Jones Industrial Average and S&P 500. Some suggest crypto traders are becoming cautious due to potential conflicts in the Middle East affecting demand for high-risk assets, or it could be that Bitcoin has lost its allure.

The release of U.S. consumer-price index (CPI) data on Thursday may push Bitcoin above $27,000 or anchor it around $26,000, despite recent macroeconomic developments. Hopes of the Federal Reserve not raising interest rates have boosted stocks but had limited impact on cryptocurrencies, which often decline when borrowing costs rise.

Bitcoin continues hovering around the resistance level at the 100 and 200MA on the daily chart at the 28070 level. The price is forming a range indicating uncertainty. 25000 and 28000 are the support resistance of the actual range.

 

[Zforex]

US INDICES:

S&P 500 futures rose by 0.2%, while Nasdaq-100 futures remained relatively stable. This week marks the beginning of a busy earnings season, with 11% of the S&P 500 companies scheduled to release their results. Notable companies reporting this week include Johnson & Johnson, Bank of America, Netflix, and Tesla, with Charles Schwab set to report its results on Monday morning.

On Wall Street, some are preparing for increased volatility towards the end of the year, attributed to rising yields and oil prices, persistent inflation, and ongoing conflicts in the Middle East. However, focusing on corporate earnings and monitoring the Federal Reserve's actions regarding interest rates can provide investors with short-term optimism.

On a daily basis. A descending triangle is forming. The resistance level of 15,300, where the median line of the long bullish channel and the downtrend line coincide played as expected a solid level of resistance and price coming back. Next support level at 14850 and 14450.



USOIL

WTI futures held steady above $87 per barrel on Monday following a 6% surge on Friday. This increase is in part due to concerns over the Israel-Hamas conflict potentially escalating further, posing significant geopolitical risks to oil markets. Israeli airstrikes on Gaza continued on Monday as diplomatic efforts for a ceasefire failed. U.S. Secretary of State Antony Blinken is set to return to Israel to discuss the situation. Meanwhile, the United States imposed sanctions on tankers carrying Russian oil priced above $60 per barrel. This move aimed to close loopholes in a mechanism designed to restrict Moscow's revenue from energy sales. In addition, Russian Deputy Prime Minister Alexander Novak expressed the importance of OPEC+ in stabilizing the oil market.

Volatility is continuing in the Oil price and direction will be clearer after the geopolitical tensions calm down. 83 as support and 87 as resistance are right now the price range.

Crypto

Bitcoin (BTC) approached the $28,000 level on Monday, but later pulled back. Crypto enthusiasts are speculating on the launch of a major spot Bitcoin exchange-traded fund (ETF) in the U.S. soon. Bearish trades in Bitcoin futures resulted in a $27 million loss for traders during Asian morning hours. Open interest, which measures unsettled futures contracts and indicates market liquidity, increased by 6.7% over the last 12 hours, reflecting greater trader engagement.

Bitcoin led the gains among major cryptocurrencies, with Solana (SOL) and Tron (TRX) also experiencing price increases. SOL received a boost when a bankruptcy estate linked to the FTX crypto exchange staked nearly 10% of its SOL holdings, reducing concerns about a token sell-off.

Bitcoin Cash (BCH) and Bitcoin SV (BSV), both Bitcoin forks, saw gains of up to 11%, while Rollbit's RLB tokens, associated with a crypto casino, surged by as much as 14%.

In a different development, Big Time's BIGTIME tokens skyrocketed by 350% shortly after being listed on the influential Coinbase exchange. However, analysts at Delphi Digital expressed concerns about trading the token, citing a lack of reliable information about its tokenomics, vesting schedule, allocations, and circulating supply.

Bitcoin trading around toward 28000. The price is tapping for the 4th time the 28000-resistance level. A breakout will take the price toward the 29800 level. The weekly chart also showing a range of price where the 100MA is forming a resistance level.

 

[Zforex]

US INDICES:

S&P 500 futures and Nasdaq 100 futures both declined by 0.3%. Johnson & Johnson's stock rose over 1% before the market opened due to better-than-expected earnings and revenue in the third quarter, driven by strong medical technology and pharmaceutical sales. Bank of America also exceeded analyst expectations, leading to a 1% increase in premarket trading.

Several financial companies, such as Charles Schwab on Monday and JPMorgan Chase on Friday, kicked off the earnings season with strong results, which has positively impacted market sentiment amid concerns about the Israel-Hamas conflict. There are worries that tensions in the Middle East could affect major oil-producing countries, notably Iran.

Aside from earnings reports on Tuesday, Wall Street will be monitoring fresh economic data, including the release of retail sales and industrial production data for September before the market opens. Additionally, the housing market index and business leaders survey numbers for October are scheduled to be announced on Tuesday morning.

On a daily basis. A descending triangle is forming. The resistance level of 15,300, where the median line of the long bullish channel and the downtrend line coincide played as expected a solid level of resistance and price coming back. Next support level at 14850 and 14450.


USOIL

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Oil prices stabilized on Tuesday after a more than $1 drop the previous day, in anticipation of U.S. President Joe Biden's Middle East trip, where he must navigate support for Israel while managing the regional conflict with Hamas. Brent crude futures rose 28 cents to $89.93 per barrel, and U.S. West Texas Intermediate crude (WTI) increased by 12 cents to $86.78 per barrel by 1048 GMT. Both benchmarks saw significant gains the previous week, with Brent achieving a 7.5% increase, but they retreated on Monday.

President Biden's visit to Israel is a delicate balancing act, given Israel's offensive against Hamas, the humanitarian crisis in Gaza, and the threat of a broader conflict with Iran. Iran's foreign minister warned of possible expansion of the war. In other news, Venezuela's government and opposition resumed talks that could impact the 2024 election and potentially lead to the easing of U.S. sanctions. The U.S. had imposed sanctions on Venezuela's oil exports since 2019. Saudi Aramco's CEO stated the company can increase oil production quickly as global consumption is expected to reach a new record by year-end. OPEC+ has been reducing oil output to maintain market stability.

Volatility is continuing in the Oil price and direction will be clearer after the geopolitical tensions calm down. 83 as support and 87 as resistance are right now the price range.


Crypto

Bankrupt crypto exchange FTX has proposed returning up to 90% of creditor holdings. The plan will be filed with a U.S. bankruptcy court by December 16. Customers with a preference settlement of less than $250,000 can accept it without a reduction. Preference settlement is 15% of customer withdrawals before the exchange went under. Creditors could also receive a "Shortfall Claim" based on the estimated missing assets, which amounts to nearly $9 billion for FTX.com and $166 million for FTX.US. However, recoveries may be affected by taxes, government claims, and token price fluctuations.

Binance, the world's largest cryptocurrency exchange, faced liquidity issues on Monday, with its buy-side liquidity plummeting from 100 BTC to 1.2 BTC ($30,000) due to market volatility caused by a false rumor about BlackRock's ETF approval. The cryptocurrency initially surged 7.5% to $30,000 in reaction to the rumor but later gave up those gains after BlackRock denied it.

California Governor Gavin Newsom signed a crypto licensing bill that will take effect in July 2025. Similar to New York's "BitLicense," the Digital Financial Assets Law empowers California's Department of Financial Protection and Innovation (DFPI) to establish a regulatory framework for crypto. The DFPI has 18 months to create rules that address industry trends and protect consumers.

In the crypto options market, trading volume surged as traders reacted to the rumor of a spot ETF approval. The call option at the $30,000 strike saw the highest trading volume as traders sought bullish exposure.

Volatility on Bitcoin increased and the price hit the 30000 targets before coming back 28500. The 100MA on the weekly chart will be the challenge for the beginning for a solid bullish momentum.