The Core PCE Price Index which is a strong inflation indicator will be released later on in the week as a signal of how the economy has responded to rate hikes.
Investors remain cautious in the stock market while they wait for a path forward in regard to the debt ceiling. Industrial data out this week will give some indication of growth in the European and US economies.
President Joe Biden and House Speaker Kevin McCarthy have not yet come to an agreement on how to raise the $31.4 trillion debt ceiling with 10 days left before a possible default.
Bitcoin is trading within a very tight range between $26,500 and $27,500. If we see any breakout from this triangle, we should see substantial moves in either direction.
A break below the lower trend line will result in the price action falling to $25,500 support. If we see a break above this resistance, then a move toward $30,000 is likely.
Tesla is trading bullish at $188. We may see price action continue upward toward the resistance at $200.
RSI has spiked above 70 on the 4-hour chart. With price action trading above the 50 and 200-EMA on the 4-hour chart, we can expect more bullish sentiment in the short term.
Gold has fallen into this bearish territory. Ever since breaking the lower support trend line, we have seen weakness in the asset.
Gold has been bearish as investors grow wary of debt ceiling risk. Gold has not been a safe haven and investors have turned to the Dollar.
EUR/USD is falling as it settles near our first support line at $1.07876 and if broken significantly then price action should fall to $1.07372. RSI is still giving a reading beneath 50.
As worries over the debt ceiling increase, the Dollar has seen some gains which has resulted in bearish moves for Euro.
Crypto products are unregulated and could be highly volatile. Please be aware of the risks before investing.
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