News and analysis - US inflation hits 40-year high 9.1% - Stock & Crypto Markets - RICH TV LIVE

News and analysis - US inflation hits 40-year high 9.1% - Stock & Crypto Markets - RICH TV LIVE - July 14th, 2022 - #richtv #business #news #finance #trade #money #shorting #invest #win #july #july2022 #trading #investing #Dowjones #ElonMusk #Twitter #CPI #Inflation #Tesla #Canada #US #stock #stocks #crypto #Bitcoin #BTC #Ethereum #ETH #charts #recession #BankofCanada

Big breaking news on July 13th

The CPI numbers we've been waiting for are out. It was like the Super Bowl for investors. The numbers were not good. They jumped to 9.1% in June, the largest annual increase since 1981. So everyone is talking about it on social media. Inflation hits a new 40-year high.

Stocks experienced a lower open. A lot of selling pressure.

The Dow Jones closed at 30,772.79. It was down 208.54 basis points. So red day for the Dow Jones. It was red, then it went green slightly, and then it finally finished in the red to close the 13th of June.

Tech shares also followed, and tumbled for the most part.

In other big news of the day, Elon Musk first decided to terminate his $44 Billion deal to acquire Twitter, and now Twitter decides to sue Elon Musk for not acquiring Twitter.

The Bank of Canada increased Its interest rates by a full 1%, the biggest increase in a very long time.

News events to prepare for on July 14th

In Canada, manufacturing sales month over month is going to be very important. We'll be worth watching very closely.

As far as cryptocurrency is concerned, Bitcoin is trading at $19,826. So we are seeing that every time Bitcoin falls below the $20,000 Mark, we believe that that's a pretty decent buy Zone. And we feel like there's resistance for Bitcoin right around $22,500. It's sitting at $19,831. Might be a good up trade for the longs if it breaks that $20,500 mark, which it has. If it gets back to the $22,500 mark, that's where we see a lot of selling pressure and some resistance. If it can't break the $20,500 area, then you could see it trade down to the $17000 area again.

As far as Ethereum is concerned, it is trading at $1083. So, if we take a look at support and resistance, there is support at about that $1200 Mark. $1278 is where it typically gets resistance and starts to sell. There's support at the $880 Mark. So $880 will be where one would be looking to buy. The lowest it has been in the last month has been $880. That will be your buy zone. The highest it has been in the last month has been $1278. We’re kind of right in the middle. So it is kind of right where it should be, but one is looking to buy Ethereum, you'd be looking to buy between that $880 and $900 Mark. And if one is looking to sell some Ethereum, it may be a good idea to take some profits at that $1250 to $1278 mark.

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