1. Today going to explore the following ✨
➡️ OPEC+ Meeting ➡️ SPX and QQQ Markets ➡️ Bitcoin BTC pullback
News CryptoExpoDubai2022 stocks forextrading tradingstrategy
2. OPEC+ Meeting:
Oil rose by nearly 3 a barrel on Tuesday on expectations of a large cut in crude output from the OPEC+ producer group and as a weaker U.S. dollar made oil purchases less expensive.
OPEC+, look set to cut output when they meet today!
3. Insider info:
Sources from the group have said OPEC+, which include Saudi Arabia and Russia, are discussing output cuts in excess of 1 - 2 million barrels per day (bpd).
4. America's Reaction:
The United States is pushing OPEC not to proceed with the cuts arguing that fundamentals don't support them.
Higher oil prices and production cuts, would likely irritate the Biden Administration ahead of U.S. mid-term elections.
5. Russia's Reaction:
Moscow accuses the West of weaponising the dollar and financial systems such as SWIFT in retaliation for Russia sending troops into Ukraine in February.
6. Stock market so far this week:
Monday and Tuesday has seen US manufacturing increase and the number of unfilled job positions reduce, which are both good for the US and markets.
So the last 2 days stock and crypto markets have gone up.
7. SPX and QQQ charts:
We can see price went up since the weekend and has created two very large "gaps". Expecting price to form pullbacks and fill those gaps in the coming days!
8. BTC chart:
Bitcoin maybe starting to form a pullback and price to start creating some lower lows. Have marked out a rough area where expecting price to go to in coming hours / days.
✅ Mon + Tues good news for markets.
✅ Weds OPEC+ raising prices and reducing output is bad for markets and helps with the BTC pullback.
✅ SPX and QQQ looking to fill in the gap and help with the BTC pullback.
Friday will be the big news with non-farm. 👀This post is based on this twitter thread.