We have just entered the earnings season and big companies will now report their Q2 gains and losses. Especially this week we are going to have a lot of big tech reporting their results that could spark a lot of volatility, and most likely to the downside because we are in the midst of historically low consumer sentiment, meaning that not many are buying their products right now.
This week is already bad enough with FOMC and an "actual" recession confirmation (no matter how much they change the rules). We have got the effect on SNAP with -30% in just a few minutes(!) after reporting. Now Amazon is also likely to miss as are GOGL and Microsoft today. This week is stacked with bad events.
Crypto markets will react heavily to that because of their still existing correlation with the stock markets. Also Crypto has had its relief rally now with RSI peaking now we have once again room left for short term downtrends.
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