Markets Have Come Full Circle — Nick Santiago 1-26-22 #360

Source:
https://www.spreaker.com/user/appeal2/nick-360

1. Stocks are rebounding ahead of the highly anticipated FOMC announcement. Every trader is waiting to hear from Fed Chairman Jay Powell. Will they increase the speed of rate hikes. Right now, the central bank is still buying bonds if you can believe it.  

2. The markets got very oversold on Monday and then staged a high volume reversal day to the upside. That type of washout will generally last a little while, so pattern reading is again going to be very important going forward.

3. Gold is pulling back today. There does not seem to be anything bad here. Often, gold is going to be in play on Fed day. 1865-1875 is heavy resistance.

4. Bitcoin held up well so far after breaking below the key 35,000 level. That was certainly important support and now the pattern will tell me more going forward.