Morning Scoop
After a decline in the futures market overnight, we must hold a critical level to avoid another down day in the market. Let’s analyze these levels and other significant events taking place in the markets today.
Markets
News
The Swiss bank Credit Suisse is currently facing a collapse, as it has been struggling for some time. The recent decline of SVB has intensified concerns within the industry, making CS more vulnerable than before. The bank is a crucial component of the financial system, with a history of over 150 years. Presently, its shares are trading at approximately $2.25, having dropped as low as $1.75 in yesterday’s session.
S&P 500 Futures Update
Although futures experienced a decline during the overnight session, the current price is stabilizing around the same level where we stand presently. It is crucial to hold this level to increase the chances of breaking the downtrend line.
Forecast
If we manage to maintain these levels, there is potential for an upward momentum and the objective would be to surpass the trendline. However, if we are unable to sustain these levels, we may experience another decline and move towards the $3880 range.
Chart Analysis
AMD has been a personal favorite of mine for a while, and lately, it has been showing promising signs with a series of constructive moves. If we take a look at the 15-minute chart, we can observe a stair-step pattern consisting of higher highs and higher lows, which is an encouraging sign for those who plan to hold long positions. We can watch for pullbacks within the range it has recently broken out of, and then wait for an opportunity to enter and ride the trend.
Wrap-up
Today is an important day as we aim to surpass certain levels that could potentially lead to higher prices. In bear markets, there tends to be a lot of volatility and lack of clear direction. Nevertheless, I am currently optimistic about the short-term outlook and have a bullish bias, though I remain cautious and will be prepared to adjust my stance if necessary.
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