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February 19th, Futures News: Economies.com analysts latest view: Spot gold prices fell in the latest intraday trading, after hitting the EMA50 resistance level, subsequently encountering new selling pressure that limited any rebound attempts. Meanwhile, the Relative Strength Index (RSI) showed negative divergence, indicating a discrepancy between price action and the indicator, and the indicator has reached severely overbought levels, further releasing negative signals.February 19th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices closed near their intraday highs, maintaining a strong upward trend after stabilizing at the key resistance level of $65.35. Currently, prices are attempting a temporary correction to accumulate the necessary bullish momentum to break through and hold above this key resistance, opening up space for a new round of upward movement.February 19th, Futures News: Economies.com analysts latest view: Brent crude oil futures prices rose sharply in the previous trading session, returning to a major bullish trend in the short term and trading along the support line of this trend. Benefiting from dynamic support and resistance above the EMA50 moving average, it is preparing to test the key resistance level of $70.30. On the other hand, we note that the Relative Strength Index (RSI) has shown a negative overlap signal after reaching overbought levels, which may limit the gains of Brent crude oil futures in the coming period.February 19th - Reserve Bank of New Zealand Assistant Governor Silk stated that the central bank is in a unique position this year: a strong economic recovery is expected, but without triggering inflationary pressures. The Reserve Bank of New Zealand kept interest rates at 2.25% yesterday, indicating that policy will remain accommodative as inflation is expected to slow to the 2% target level. However, the bank also predicts that economic growth will accelerate to 2.8% by March 2027. Silk stated, "The core issue discussed at this meeting was: why do we believe that economic growth and a decline in inflation can occur simultaneously?" She added, "This may seem contradictory, but the existence of an output gap means that strong economic growth is possible. During this period, economic growth may eventually exceed potential growth levels." Investors have already fully priced in the expectation of a 25 basis point rate hike by the bank in December.The China Earthquake Networks Center officially reported that a magnitude 3.6 earthquake occurred at 12:40 on February 19 in Rutog County, Ngari Prefecture, Tibet (33.62 degrees north latitude, 81.89 degrees east longitude), with a focal depth of 10 kilometers.

S&P500 Forecast: Is 4300 the Next Stop on the Market’s Upward Climb ?

Jimmy Khan

Feb 16, 2023 15:48

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Wednesday's trading was upbeat, as the market value for cryptocurrencies reached $1 trillion once again. Investor concerns were reduced by Capitol Hill talk and new SEC regulations.


The top 10 cryptocurrencies had a positive day on Wednesday. Strong support was seen for ADA, BNB, and ETH. For the first time since August 2023, BTC took the lead, closing the day at $24,000.


US retail sales numbers that were hotter than anticipated failed to frighten investors. Because January retail sales increased by 3.0%, the cryptocurrency market momentarily fell. Economic experts anticipate a 1.8% rise. Before the noticeable uptick in spending in January, retail sales had declined for two straight months.

Congressmen on Capitol Hill brought a crypto rally

The optimistic midweek session was bolstered by less regulatory risk. After the SEC's actions against Kraken and Binance USD (BUSD), the SEC adopted a new strategy.


On Wednesday, the SEC put up changes to its custody regulations that would include cryptocurrency. The modifications would affect custody regulations as well as accounting requirements, reporting requirements, and investment advisor registration.


SEC Gary Gensler said, "I support this plan because it will assist to guarantee that advisors don't illegally utilize, lose, or misuse clients' funds by using significant tools Congress provided us following the financial crisis."


"Congress specifically granted us power to broaden the advisors' custody rule to apply to all assets, not just funds or securities," Gensler said.


Attention was also drawn to activity on Capitol Hill, as legislators reintroduced a plan to make it easier to invest in cryptocurrencies in retirement accounts. The "Financial Freedoms Act" is about to be reintroduced, according to a tweet from former House speaker Nancy Pelosi.


"It intends to ban the Department of Labor from prohibiting people from investing their 401(k)s in cryptocurrency," the author said. It should be everyone's right to invest their retirement funds anyway they see appropriate.


The revelation on Wednesday came after lawmakers scrutinized the SEC on Tuesday, which could have compelled the SEC to adopt a more cautious stance toward the digital asset market.


The fact that not all US legislators are against cryptocurrency proved advantageous to investors.


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