09.05.22 Macro Morning
Chris Becker | May 09, 2022 10:42
Following the previous flop on Thursday night, Wall Street was able to recover somewhat on Friday with only minor losses although the tech heavy NASDAQ is now pushing into bear market territory. The latest US jobs report was pretty solid and kept the sellers energised as the Fed will not be swayed from its aggressive rate rise agenda. Euoropean shares were still in retreat mode however as concerns over the broadening energy crisis remain. 10 Year US Treasury yields returned back to the 3.1% level with another 50 point rise baked in for the next Fed meeting, as the USD closed only slightly down but still at a 20 year plus high against nearly everything, with the Australian dollar pushed below the 71 handle. Commodity prices saw a big move higher in oil, with Brent back up to the $113USD per barrel level, while gold continues to oscillate as the $1900USD per ounce level turns into strong resistance.
Bitcoin continues to deflate and has fully returned to its downward trend from its March highs, after making a false break on the Fed rate rise exuberance. My contention of the prior moves building for a further retracement down to the February lows at the $37K level has shown through here, with new lows made in the process as the $30K target is building next. The weekly chart shows if that level is breached, its game over:
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