The Dow Jones and the S&P 500 regained some ground upon opening on the last day of the quarter. Investors gear up for sluggish quarter-end results; however, the green opening on a fifth consecutive day is a ray of light.
Let’s look at where the markets stand right now:
- The Dow Jones Industrial Average (DJIA) is up by 0.3% and is at 22,394.44 points, which is a 66.96 point increase over its previous close.
- S&P 500 index is up by 0.34% and is at 2,635.70 points.
- The NASDAQ Composite Index is up by 1.23%.
- Apple Inc. (AAPL) is trading at $262.12, thus gaining a 2.86% over its previous close.
- Royal Caribbean Cruises Ltd. is trading at $33.43, which is a 12.29% increase.
- Brent Crude is trading at $ 25.90.
- Gold is trading at $1607.50, a 0.83% decrease.
Despite modest opening, the US stock markets are looking at one of the worst quarterly declines in History. According to analysts, S&P 500 and Dow Jones are already witnessing a phase of recession. However, experts at Goldman Sachs believe that the rise from this phase of recession would be one of the fastest.
Bitcoin: Its fate in the Consolidation phase in a Bear market
Bitcoin seems to have entered a consolidation phase in the long term Bear market. The BTCUSD is currently trading at $ 6476.59, which is a 1.12% rise.
- The 4-hour chart shows a MACD upward crossover on March 30, following which the price started rising. However, the associated volume is very low, it will be challenging to hold this point.
- The Relative Strength Index or RSI gives no clear indication of a Bullish pattern or Bearish pattern.
- The 1-day chart shows a clear Bear flag formation. If Bitcoin breaks the support at $6,450, it could go all the way down to $4,000.