Jim warn that the weekly chart shows the dollar may be topping out!
CNBC's famed financial host Jim Cramer said Monday that the surging dollar may soon top out.
He said, "The strong dollar has become a heavy burden wrapped around the neck of an already battered market, but now, according to Carley Garner's reading, the chart shows that the dollar may be topping out."
The dollar has risen sharply in recent months, driven by big interest rate hikes by the Federal Reserve and an overheated U.S. economy. This has been a detriment to companies that do business primarily overseas and are therefore affected by unfavorable exchange rates.
Everything else, stocks, commodities, bonds, have all pulled back this year," Cramer said. In Garner's view, the U.S. dollar is the last holdout, and she doesn't think that's going to last."
To explain Garner's analysis, Cramer examined the weekly chart of the U.S. dollar index since 2017. $S&P 500 Index(.SPX.US$ $SPDR S&P 500 ETF(SPY.US$ $Nasdaq Composite Index(.IXIC.US$
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Giovanni Ayala : @SpyderCall
Goodmorning
SpyderCall Giovanni Ayala : good morning!
Giovanni Ayala SpyderCall : Trying to keep up with my Replys
SpyderCall : crer may be right actually for once. it will be a temporary top until the next fed meeting in november. But that all depends on earnings this week. if earnings are good then the dollar will fall. if earnings are bad the dollar will rise
SpyderCall Giovanni Ayala : i had a late start again
SpyderCall Giovanni Ayala :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Giovanni Ayala SpyderCall : Well I'm hearing that the FED from San Francisco will leave the rise for another month or so I'm guessing they want everything to be balanced for 2023 We can make it one of our best years
SpyderCall Giovanni Ayala : That could happen possibly after a very red year like this year is going to turn out to be