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.
and….. how significant was Japan’s Treasury off load last month!