Watch NVDA— Nick Santiago 6-7-23 #500

Source:
https://www.spreaker.com/user/appeal2/nick-500

1.This morning the markets are somewhat on the quiet side. The major indexes are positive and holding steady.
Next Wednesday, the Federal Reserve will announce its interest rate policy decision for the US. This time around the Fed is expected to pause on rate hikes. This news is already factored into the market and this is one of the reasons why the markets have rallied. Obviously, the verbiage from the central bank will be important.

2. The financial stocks have firmed up recently and this has certainly helped markets. The Regional Bank ETF (KRE) had a very strong session yesterday and today is trading higher by 2.0%. Traders should note, there is a lot of daily chart resistance for the KRE around the $44.00 level.

3. AI is still all the rage right now, but things are calming down a bit. On May 25th, NVDA stock surged after reporting earnings. This stock is the leading chip maker for AI. Right now the stock has held the bulk of those gains and is trading sideways on the charts. This stock is the barometer for the new emerging industry group.

4. Gold is slightly positive today. Gold futures remain above the $1940.00 daily chart support level. A break of this key area would likely signal further downside, but that has not happened yet. I'm watching this chart closely.

5. The Bitcoin soap opera is heating up again. The SEC has sued Binance and yesterday we heard that they are suing Coinbase (COIN). For some reason, Bitcoin caught a huge bid yesterday on the back of the news. I think the rally was due to the expectation that more regulation will be implemented soon.

Nick finds it ironic that the one asset class that was built as the deregulation asset is likely going to be highly regulated if it is going to be allowed to exist. Today, Bitcoin is trading lower by 1%. This soap opera will continue over the coming months.