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The Dallas Fed Manufacturing Raw Materials Payments Index for January was 37.1, down from 36 in the previous month.The Dallas Feds manufactured goods price index for January was 18.5, down from 8.2 in the previous month.The Dallas Fed Business Activity Index for January was -1.2, revised from -10.9 to -11.3 in the previous month.U.S. natural gas futures extended their gains, surging 20% to their highest level since December 2022. This surge was driven by news that U.S. natural gas production fell to its lowest level in two years due to wells freezing caused by a sharp drop in temperature.U.S. stocks rose in early trading on Monday as investors weighed new trade and policy risks and a strong start to fourth-quarter corporate earnings. Mining companies Freeport-McMoRan and Newmont were among the best performers as precious metal prices surged. Tom Essaye, founder of Sevens Report, said, “Today’s focus includes the rising risk of a U.S. government shutdown and the threat of tariffs on Canada. Any news that increases the likelihood of a shutdown or that the tariff threat might be implemented will weigh on the market, while a de-escalation will help drive a rebound.” However, investors remain skeptical about the likelihood of Trump implementing the tariff threat. Deutsche Bank noted that equity positions are generally trending sideways, while autonomous positions continue to shift from large-cap growth and technology stocks to cyclical stocks. JPMorgan Chase pointed out that reports so far this earnings season show that growth outside the technology sector is expanding. The main event this week is the Federal Reserve’s interest rate decision, with the market widely expecting no change.

Despite Bearish BTC Session, BTC Fear & Greed Index Avoids Sub-30

Daniel Rogers

Nov 08, 2022 16:18

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Bitcoin (BTC) declined by 1.54% on Monday to end the day below $21,000 for the second consecutive session. BTC and the broader market dissociated from the NASDAQ Composite Index, as crypto investors await the US CPI report this week. The Bitcoin Fear & Greed Index decreased from 33/100 to 31/100 as the bearish BTC session weighed on the index.

 

Bitcoin (BTC) decreased by 1.54% on Monday. Sunday's closing BTC price was $20,609, following a 1.79% fall. Notably, Bitcoin closed the day for the second consecutive session below $21,000.

 

BTC reached a day's early high of $21,083 despite a shaky start. BTC reached a late-day low of $20,421 after failing to surpass the First Major Resistance Level (R1) at $21,240. Before partially recovering to $20,609, BTC fell through the First Major Support Level (S1) at $20,762 and the Second Major Support Level (S2) at $20,592.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

A lackluster economic calendar in the United States hindered BTC. This week, US inflation, retail sales, and consumer sentiment data will impact market sentiment towards the US economy and a December Fed turn.

 

However, the NASDAQ Composite Index increased by 0.85% on Monday, as optimism surrounding the US midterm elections provided support. Later today, the US economic calendar will feature another day of inactivity, leaving investors in suspense as the attention remains on the midterm elections. The NASDAQ mini was up 15.5 points this morning.

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