Market Update (Mar 08 2023)

As every day, here is our daily market update. Find out what has influenced the price and what we expect in the coming days.

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Afternoon all, let's dive into this.

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📄 ***Data: ***

The key data this week is of course this Friday's data with the Unemployment and Jobs added data out. What will also be key is the revisions from last month, are these significant revised lower or are they maintained at a similar level. This may seem minor but its actually quite significant. I believe as long as the new numbers come in around consensus then the main market will move due to the revisions. Expectation is that there should be some significant revisions, but if we see that there aren't and jobs added remains strong for this month, I think the market will sell-off. The reason for this is that the markets will know for sure that the FED will then have to go even harder, and markets will price this in.

But today, we had the Jobs Openings data which came in at 10.8m, above the 10.6m but less than last month's 11.2m. Either way, it's still hot, so fuels the argument for the FED to go higher.

In my opinion, we're looking at a terminal interest rate at probably a minimum rate of 5.50% now.

📉 ***Pricing and Trade Pick:***

Guys, unfortunately the feeling remains that in the coming months we'll see lower prices. Now this is good as means we can load up on more coins, and we do still have some USD on the sides so all good.

In the short-term I think a small bounce can happen for some reason, this will sound stupid, but I can almost just feel it. Of course I can easily be wrong on this so be careful. I think if we get this bounce it'll be short-term and then we'll see a further move down.

**Trade Pick:**

My main trade is a Short of the S&P, but I am going to provide some bounce play Crypto plays below also.

But, yeh the main trade in my opinion, is if the S&P goes back to $405 - $415, then I'll Short quite heavily into this range. Chart tagged.

Categories: Market Update

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