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The Dow Jones Industrial Average rose 302.48 points, or 0.63%, to close at 48,219.05 on Monday, April 13; the S&P 500 rose 69.35 points, or 1.02%, to close at 6,886.24; and the Nasdaq Composite rose 280.84 points, or 1.23%, to close at 23,183.74.On April 14th, U.S. stocks closed Monday with the Dow Jones Industrial Average initially up 0.6%, the S&P 500 up 1%, and the Nasdaq Composite up 1.2%. Both the S&P 500 and Nasdaq have recovered all losses since the start of the recent U.S.-Israel-Iran conflict. Oracle (ORCL.N) rose 12.7%, SanDisk (SNDK.O) rose 11.8%, and Intel (INTC.O) rose over 4%. The Nasdaq China Golden Dragon Index closed up 0.7%, and Baidu (BIDU.O) rose over 3%.The Nasdaq extended its gains to 1%, while Oracle (ORCL.N) surged 12%.U.S. House Speaker Boris Johnson: The tax cut bill for working families brings historic tax reductions. Benefiting from provisions such as tax exemptions for overtime work and tips, the bank account income of ordinary taxpayers is expected to increase by nearly 11%.On April 14th, the Federal Reserve Bank of New York stated on Monday that the unrealized losses on its massive bond holdings narrowed compared to 2024. The unrealized loss for 2025 is estimated at $844.2 billion, compared to $1.06 trillion in 2024. This data was disclosed with the release of the annual report on the System Open Market Account (SOMA), which covers the Feds substantial holdings of cash, bonds, and other assets. Unrealized losses on the Feds bond holdings are primarily accounting-related. According to the Fed and many observers, such unrealized losses do not impact the Feds operations because it has no plans to sell its holdings of Treasury bonds and mortgage-backed securities. As long as they are held to maturity, there will be no actual loss relative to the purchase price. However, some argue that these unrealized losses reflect the Feds negative track record in using its balance sheet as a market stabilization and stimulus tool, and that these losses could theoretically translate into real problems in the future.

Early Support for ETH and BTC, with US Economic Indicators in Focus

Alina Haynes

Nov 03, 2022 19:39

 截屏2022-11-03 下午7.34.53.png

 

Wednesday saw Bitcoin (BTC) and Ethereum (ETH) join the larger market in the red. The NASDAQ Composite Index, Bitcoin, and Ethereum all fell in response to Fed Chair Powell's news conference. Nevertheless, the technical indications continue to be optimistic, indicating upward price trends. On Wednesday, Ethereum (ETH) fell 3.80%. Reversing Tuesday's gain of 0.32%, ETH closed the day at $1,518.

 

After a turbulent morning session, ETH recovered to a high of $1,622 by late afternoon. ETH surpassed the First Major Resistance Level (R1) at $1,606 prior to falling to a late low of $1,506. ETH ended the day below $1,520 after breaking through the First Major Support Level (S1) at $1,556 and the Second Major Support Level (S2) at $1,535.

 

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On Wednesday, the price of bitcoin (BTC) plummeted by 1.63 percent. BTC ended Tuesday at $20,165, a decrease of 0.04% from its opening price.

 

BTC rose to a high of $20,817 in response to the FOMC Statement, following a range-bound morning. BTC surpassed the First Major Resistance Level (R1) at $20,686 before falling to an intraday low of $20,086. BTC went below the First and Second Major Support Levels (S1 and S2) at $20,327 and $20,154, respectively.

 

In accordance with forecasts, the Fed raised rates by 75 basis points on Wednesday. The FOMC Statement hinted at a likely policy move in December, lending credence to December Fed pivot wagers. The Rate Statement pushed BTC and ETH to their daily peaks.

 

However, Fed Chair Powell dashed prospects for a reversal, citing excessive inflation and the need to continue forward. Powell remarked that the "final level of interest rates will be higher than anticipated."

 

As a result, the NASDAQ Composite Index fell 3.36 percent, sending BTC and ETH into the negative.

 

Today, attention will be on US factory orders, jobless claims, and the ISM Non-Manufacturing PMI. We anticipate the PMI and its subcomponents to have the most effect.

 

Due to the sensitivity of BTC and ETH to US economic statistics and the FED, the correlation with the NASDAQ Composite Index remains intact. The NASDAQ 100 Mini was up 35 points this morning.


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