CHART OF THE DAY: Corn prices rise above $8 per bushel for the first time in 10 years (and quickly approach an all-time high) as the Russian invasion of Ukraine threatens global supplies | #OATT 🌽👩🌾🚜 pic.twitter.com/l7EshVXy3Z— Javier Blas (@JavierBlas) April 18, 2022
This is an important chart from Bank of America.— Avid Commentator 🇦🇺 (@AvidCommentator) April 18, 2022
It shows that the Fed continues to tighten until it breaks something almost every single time in the past 50 years. pic.twitter.com/GSqKIiwkLS
During this decline, Fibonacci retracements have worked well.— Jim Bianco biancoresearch.eth (@biancoresearch) April 18, 2022
As this chart shows, the SPX bottomed on Feb 24, the day the war started, in dramatic fashion (big bar).
The index is now at the 50% retracement level (4,373). Will this level hold, or give way to much lower prices? pic.twitter.com/KnuWjMHBNV
Some thoughts on BTC/tech correlation:— Will Clemente (@WClementeIII) April 18, 2022
Whether you agree with this framework or not, BTC has been correlating strongly to tech. (top left)
However, underneath the surface, we are seeing accumulation from convicted long-term investors. pic.twitter.com/1uep2LAjop
The ES traded on both sides of the first hour's range & then began a steady move lower. The uncertainty before the 3 day holiday weekend & the monthly expiration caused the downward pressure. Above 4405 or below 4352 can give a directional move. Pivot=4397 #ES_F $SPY pic.twitter.com/Boo7oxk9DQ— Damon Pavlatos (@DamonPavlatos) April 18, 2022
Stairs Down: (1) often, it should be "stairs up & elevator down"; over last 2 wks, however, SPX took a well-defined stair down sequence. (2) all the blue-bars are same length--it looks like tmrw SPX would find 4330 as bottom; also 61.8% retrace. (3) not 3rd-wave character so far.
Four meetings in a row the market has tanked AHEAD of FOMC.— Mac10 (@SuburbanDrone) April 18, 2022
But we don't have proof it's a trend yet.
Nor proof of climate change. Nor proof that reality exists.
We live in Disney World. EVERYTHING is fake, especially the people. pic.twitter.com/gcwLKoNY1y
Zooming out in #ES_F: The pullback since March 29 has formed a perfect declining channel (in yellow below: a bull flag). This does provide the setup for the multi-day relief bounce bulls have been waiting on. To keep in play though, bulls will ideally not want lower than ~4340 https://t.co/FUPuzUFb1r— Adam Mancini (@AdamMancini4) April 18, 2022
Home Builders Market Index from @NAHBhome slipped in April to 77 vs. 77 est. & 79 in prior month … per chief economist Robert Dietz, housing market faces inflection point as rise in interest rates, home prices & materials’ costs has significantly hurt affordability pic.twitter.com/W0ypLOA5Qr— Liz Ann Sonders (@LizAnnSonders) April 18, 2022
Natgas +60% in a month and according to the Fed inflation starting to top. Such an easy hold when they do this and super tight trailing stop when they go parabplic like this. The sharper the incline the more savage the following decline. pic.twitter.com/KR5jfxZYL3— Assad Tannous (@AsennaWealth) April 18, 2022