Monday's Markets Update (Jan 23, 2023)
Today, the NASDAQ rose from 11,171 to 11,364, adding 1.7 percent during the day session. Meanwhile, BTC appears to be gathering momentum and lingered between 22.7K and 23K. It looks like traders are starting to contemplate the major resistance zone ahead (11.5K for NASDAQ and 25K for BTC), where their game plans might start to change.
At present, however, the worsening macroeconomic environment, including the Conference Board's Leading Economic Index (LEI) signaling a recession, is being ignored by the raging bulls. The LEI registered a decrease of 1.0 percent in December (to 110.5, 2016=100). November's decline was 1.1 percent. The LEI has curved much steeper during the past six-month period than over the previous one (December 2021 to June 2022).