Stocks surge, altcoins give back their gains and dollar strength may push Bitcoin lower
Between May 23 and 27, the equities markets had an impressive run, with the tech-heavy NASDAQ (NASDAQ: QQQ) ETF up over 7% and the S&P 500 (NYSE: SPY) up over 6.50%. However, this week' whipsaws in price action occurred throughout the week and while the J trade session is not yet over, the weekly candlesticks suggest a close near last week’s open.
Currently, all major indexes face significant technical resistance levels above their present traded levels. Throw in thegrowing economic uncertainty and fears of a recession; the bounce may be limited.
The crypto market may close relatively flat but down for the week, extending its losing streak to an all-time high of nine consecutive weekly losses. Some altcoins this week were in the green, Cardano (ADA) and Stellar (XLM), for example, but both saw 50% to 70% of those gains wiped out.
The total market capitalization for the cryptocurrency market stands just above the $1.20 trillion level, which is getting uncomfortably close to the critical $1 trillion zone.
Light crude futures (NYMEX: CL) continue to rise and could complete an implied close near 14-year highs, levels not seen since late July 2008. From April 11 to June 3, oil has already gained more than 20% and rests just below the $120 level.
The weekly crude oil inventory data on June 1 showed a massively larger drop of -5 million barrels versus the estimated -1.35 million. Even the recent agreement from OPEC+ to nearly double production has failed to stymy oil’s rise.
Wheat futures (CBOT: ZW) and corn futures (CBOT: ZC) are down this week, -10% and -6%, respectively. However, the drop in these markets is most likely due to severely extended overbought conditions, resulting in a technical pullback. Global fears and
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