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The Euro’s in Trouble as the Market Starts Sliding Down

by Tom Luong, April 6, 2022
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The past few days we’ve seen very bullish activity in the market. 

But now, all the major indices - the S&P 500, the Dow, and the Nasdaq - have hit resistance and are pulling back. 

Currently, we’re seeing sideways movement in the market.

Which brings up a few questions…

Is this a sideways correction?

Is this the beginning of a market crash?

Or will April’s historical bullishness move stocks higher?

Nobody can predict the future.

But through technical analysis, we can position ourselves to profit no matter what happens next.

Macro Trend Breakdown

Europe’s Currency is Falling Down

The Euro has been on a downtrend for two months now. 

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With the Russia-Ukraine war, Eastern Europe is currently in shambles.

So it comes as no surprise that the Euro is starting to falter. 

Although it’s continuing to fall, there is support at the $1 level. 

Right now, I’m waiting to see if support will hold… or if the Euro will drop further.

Foreign currency is a great way to gauge the economic state of a region… and I will be keeping Stock Navigators updated.

Because for traders, volatility like this presents opportunities to make money!

To see how Stock Navigators play these sort of price drops, click here.

Technical Analysis

The Market is Looking for Support

Right now, the stock market is looking for support. 

We can see this from the down trendline.

For example, take a look at the S&P 500…

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Notice how it keeps bouncing off the down trendline?

As long as it remains below this trendline, we’re going to see sideways movement.

In fact, the S&P 500 is forming a flag formation.

I show Stock Navigators how to play the flag - click here to learn more.

But eventually, the market will have to hit a support level. 

And I’ve got my eyes on $4,438.43.

If this support holds, we very well may see the market blow past its downtrend.

But if support fails, we might see the S&P fall back down to the $4,100.

I will keep you posted with the latest updates.

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