There had been some expectation of a stimulus announcement this week after Democrats trimmed their fiscal stimulus proposal and were due for a second meeting with Treasury Secretary Steven Mnuchin. However President Trump rejected the Democrats offer, asserting that it would be finalised after the election.
As a deflationary announcement the S&P500 traded almost 100 points from high to low as a result, selling all the way into the close. The news assisted gold to selloff more than it would have and the U.S. dollar recovered yesterdays losses.
Bitcoin traded lower with the S&P500 after also struggling to break out of its consolidation a third time.
BTC last traded at $10,590
24 hr high: $ 10,805
24 hr low: $ 10,524
As BTC trades towards the end of its consolidation we would call a break-out a trade below A or above B. If the market trades below the longer term blue trendline we want to be long on the stop-out.
Eth followed BTC lower with other risk assets late in the US session. Eth last traded at $341
24 hr high: $ 355
24 hr low: $ 337
Digital assets were sold heavily on the news with DeFi projects amongst the hardest hit.
|Asset||Code||Price (USD)||24hr Change (%)||Volume||Market Capitalisation|
|Universal Market Access||$UMA||6.59||-7.63229||20,182,679.00||$363,384,296.00|
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