Key Points
- Bitcoin tests support at 70,000, signaling risk-off.
- Stocks continue their uptrend.
- Consumers continue to spend, but the falling saving rate suggests they are under pressure.
- Manufacturers are building inventories ahead of expected price rises and supply chain disruptions.
Bitcoin1 is testing support at 70,000. The steep downtrend warns that financial markets are increasingly risk-averse.
However, indices like the NASDAQ remain in a strong uptrend, with the Invesco QQQ ETF close to our target of 750.
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Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.