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Last week, the markets were pretty quiet, after the sharp rebound in the previous weeks.
It seems like the rebound has run out of steam, and there is no major news to influence the direction of the market either way.
The direction might only be clearer after the next major news announcement (NFP, CPI, FOMC), so it is best not to take any large bets in the meantime.
There is a good chance that price might break out next week, so I have placed price triggers to alert me (and all my subscribers) the moment any breakout happens.
Stay tuned in our Daily Trading Signals private Telegram channel!
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For our weekly market wrap, we go through some of the trade calls and analysis from last week, which gives us valuable insights for the week ahead.
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Weekly Market Outlook Video
Weekly Market Outlook (20 November 2022)
Best trades this week are shorting crypto and going long on USD rebound.
Stocks have been flat almost 2 weeks, so I have placed price alerts for when it breaks out of either side.
Weekly Portfolio Updates (20 November 2022)
Bought some long-term fixed income (TLT), and more short-term fixed income (T-bills).
Forex & Commodities Market Highlights
Following up on EURCAD, there was a perfect long pullback opportunity as we mentioned, and prices have started heading up.
Will continue to add longs on any pullback, or pullbacks on a smaller timeframe.
Very strong price action for NZDUSD, after breaking out of the bearish price channel.
If it can break and stay above the 200-EMA, good chances of prices making new highs.
With the USD weakening, we see a nice bear flag forming on the USDJPY, which will likely take prices lower to the next major support level, which coincides with the 200-EMA.
Gold (XAUUSD) rebounding off strong support, with 2 major resistance levels ahead that can serve as targets.
Stock & Bond Market Highlights
Following up on the NASDAQ 100 (US100), it is forming a small bull flag.
Currently, the price action looks bullish, so I would either stay out or take a short-term long position.
If it breaks below the price alert set at 11500, then I will look to short.
S&P500: Morgan Stanley YE 2023 Price Targets
Once inflation breaks above 8%, they find, “reverting to 3% usually takes 6 to 20 years, with a median of over 10 years.”
Only 30% of the time in the past 52 years has inflation peaked between 8% and 10% and then gone back down. In the other 70% of the time, once it’s made it over 8% it had risen above 10%.
Good luck, and may next week bring more excellent profits!
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Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.