👀 Tradeovate suspends TickTickTrader

Hi guys, it’s Kieran. Another week is upon us and the markets are open, so lets get into it.

📢 Prop Firm Industry News

Something strange is going on with the Futures firm TickTickTrader. Out of the blue, all of their traders using Tradeovate received an email from Tradeovate themselves stating that they will be suspending access to their accounts on Tuesday 25th November as TickTickTrader is “currently in breach of it’s Evaluation Services Agreement”

It appears that affected traders are being moved to ProjectX. This is obviously a temporary solution as ProjectX is set to go Topstep exclusive early next year. Traders are understandably getting worried about the future of the firm.

Update as of this morning. TickTickTrader saying the "migration was carried out due to operational constraints on the Tradovate side, which affected their ability to continue supporting external providers without interruption." Strange situation but at least traders can continue trading with them for now!

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🕜 Red Folder News

Here are this week’s red folder news events. Lots of data on deck this week starting Tuesday with US PPI and Retail Sales. US unemployment, GDP and PCE (the Fed’s preferred gauge on inflation) due on Thursday.

📈 The Macro View

Fear Getting Very Extreme

Another week of volatility and heavy feeling markets. A post NFP relief rally on Thursday, was quickly reversed and slammed lower.

Narrow Market Breadth

The number of S&P500 stocks outperforming the index is the third-lowest since 1960. It doesn’t even bear thinking about what will happen should Nvidia reverse.

Crypto Fear and Greed

Also getting very extreme in crypto land. Feels a long time ago when it felt safe getting long Bitcoin and watching the green number get bigger.

Bitcoin mean reversion play anyone?

Bitcoin hit 33 RSI on the weekly chart, the most oversold level in almost 3 years. What happened last time? BTC ripped from under 20k to 126k over the next 2.5 years.

Crypto 2nd largest outflows ever.

Markets bottom on capitulation, but was this it? Feels like a coinflip what happens next.

OK guys that it from me, have a great week!

Kieran

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