Focus on the News:
- OPEC will release its monthly crude oil market report (specific release time to be determined, generally released around 18-21 Beijing time)
- The National Energy Administration will release the total electricity consumption data for the whole society around the 15th of each month
- The minutes of the Federal Reserve meeting indicated that there is upward risk of inflation and further rate hikes may be needed
On Wednesday (August 16th), local time, the Federal Reserve released the minutes of the Federal Open Market Committee's monetary policy meeting on July 25-26.
The minutes stated: Most participants continue to believe that there is significant upward risk of inflation, and further tightening of monetary policy by the central bank may be necessary. After the release of the minutes, yields continued to rise, the US dollar further strengthened, the S&P 500 index expanded its decline, and the spot gold price fell below the $1900 level. At the same time, the value of digital currencies also experienced a sharp decline, with Bitcoin experiencing a thousand-point fluctuation. If there are no positive news to drive the market in the future, the market's downturn may continue.
In terms of market structure, the current market is not conducive to a bullish trend, especially the downward needle market in the early morning, which conducted a false breakthrough at the key bottom position. However, the fact that the bottom of the box at 28500 has not been breached is not enough to indicate a secondary continuation of the bearish trend in the short term. Those who want to short the market still need to pay attention to today's closing pattern, whether it can trigger some buying sentiment and provide an opportunity for the market to rebound. Specific operations still need to be verified.
From a technical perspective, the upward trend of the wave has changed the short-term bullish sentiment since it fell below 29000 yesterday. 29000 has become a support and resistance swap, changing from support to a short-term resistance position. Since the bottom box at 28500 has been tested multiple times without a valid breakthrough, if it cannot quickly rise above 29000 in the short term, it may still oscillate and consolidate around 28500-29000 for a period of time.
Today's strategy: It is recommended to stay on the sidelines and consider small positions for high selling and low buying based on market fluctuations.
Recommended entry point: Near 28500 for long positions, with a target of 29000. Decide whether to reverse based on the upward momentum!
Additionally, for those who followed Blue Planet in going long yesterday, did you set your stop loss properly? Here, I would like to remind everyone again that while trading, we must always set a stop loss. You must have your own plan for what kind of market conditions you can withstand and what kind you cannot. If you cannot strictly follow these operations, then ultimately you will still incur losses.
The wind in July, the rain in August, there will definitely be better luck in the second half of the year. Blue Planet's trading record for this month: 6 wins, 3 losses, win rate 67%, profit 3300 points, loss 600 points. Real-time updates are synchronized across the entire network (small currencies are not recorded).
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