👀 Fear is returning, Gold Inflows continue, Trump v Harris gap closing

Hi guys, it’s Kieran! Another week is upon us so it’s time to get ourselves prepared!

Before we get started, a quick heads-up that our friends at Pipfarm have kindly granted us Early Access to their August promo. They are offering 30% off any challenge using the code PTWEEKLY. They have just launched a new 2-step challenge alongside their industry leading 1-Step. You can check out their programs here or click the banner below.

📢 Prop Firm Industry News

A relatively quiet week for props last week, no major news or rule changes to report on. However it is worth noting that as per Payout Junction, GlowNode has not processed any payouts for 13 days now, so it is highly advisable not to purchase challenges with them. Their CEO has stated that they have secured a new partnership and all payouts will be paid in the first week of August. Let’s hope this happens. We will continue to monitor.

🔥 Monitor prop firm payouts LIVE on Payout Junction -https://payoutjunction.com/.

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🕜 Economic calendar

Here are this week’s red folder news events. Loads of high impact news hitting this week including Central bank meetings in the US, Japan and the UK. US jobs numbers on Thursday and Friday as well as Eurozone CPI on Wednesday are also key events to look of for.

📈 The Macro View

Fear and Greed

Very rare back-to-back down weeks for the S&P500. We were 5% off the highs a one point during last week, which although a rarity, is not something to worry about in itself. In fact, it can be considered a healthy pullback so far. Futures are green this morning and overall sentiment has almost ticked into Fear territory (which is good). Typically a contrarian buy signal triggers when we get deeper into ‘Fear’ territory as traders sell amid panic and capitulation.

Nvidia -24% off the highs

Let’s check in with the stock that led us to these elevated levels. During last week Nvidia traded -24% off it’s all-time highs set in June. When stocks go parabolic, big pullbacks are essential for flushing out speculators late to the party. On a technical basis, statistically we’d expect to see at least a 50% pullback of the last major breakout before the continuation of the move higher, and as you can see in the chart below, there is still a huge gap below 100 which would be a perfect place to flush the weak hands. Keep this stock on your watchlist.

Gold Inflows

Biggest 2-week inflows to gold since March'22. The breakout is real, but it’s never an easy ride trading Gold, so keep your risk in-check and don’t get greedy if you are playing it.

Trump v Harris - New hope for the Democrats

Possibly the most important chart in the world. Harris is closing the gap, and the candidate change effect is real, however unless something drastic happens, it appears to be nothing for Trump to worry about yet. We will continue to monitor.

OK guys, that’s it for this week. I hope you enjoyed the newsletter. Remember to check out Pipfarm’s 30% off deal. You won’t find this deal anywhere else currently, so if you are looking for a challenge this week, check out their programs and add the code PTWEEKLY at checkout. Ok that’s it, have a great week!

Kieran