What is happening in the markets? Webinar with Miguel A. Rodriguez

TabTrade held its first webinar on 24 September 2026. Miguel A. Rodriguez, who has spent more than 30 years in trading, including running proprietary trading and market-making teams at leading Spanish banks, walked through what was driving the markets and how he reads them. The session is presented in Spanish; YouTube offers auto-generated Spanish captions.

What the webinar covers

• 0:05 Welcome and Miguel’s background
• 4:35 An introduction to TabTrade: how client funds are held, the platforms, the accounts and the Trading Academy
• 24:01 How professional desks combine fundamental analysis with simple technical analysis
• 26:46 The U.S. 10-year yield, interest rates and the dollar
• 29:41 Gold
• 38:10 EUR/USD
• 42:23 Questions: the S&P 500 and the Dow Jones 30
• 46:37 Questions: Bitcoin

Interest rates set the direction

Miguel’s starting point is that interest rates move the market, yet they are rarely discussed in retail trading. The yield on the U.S. 10-year Treasury had been rising. Higher yields raise financing costs and lower company valuations, which helps explain the recent weakness in the major U.S. indices. They also tend to support the dollar.

Rising yields reflected expectations of more U.S. inflation. The Federal Reserve had recently raised rates, and two Fed officials had spoken about possible further increases. Oil was the other input: the rally since mid-June, linked to the closure of the Strait of Hormuz, kept inflation pressure high. A fall in oil could let yields ease.

Gold: a head-and-shoulders break

Gold more than doubled from 2024, helped by central-bank reserve buying. With real interest rates now positive, part of the money that used gold as an inflation hedge can earn a return in bonds instead, and central banks appear to have slowed their purchases. Gold was falling while the dollar firmed.

On the daily chart, a head-and-shoulders reversal was breaking to the downside with gold near $4,273 an ounce. The measured target sits around $3,960, a move of more than $300 that Miguel said could unfold over two or three days. His reference for being wrong is above the right shoulder, around $4,400. Any agreement to reopen the Strait of Hormuz in stages could lower oil and weaken the case for gold as a hedge.

EUR/USD: the range gives way

On the weekly chart, EUR/USD had spent a long period between roughly 1.14 and 1.18 and was breaking lower. Projecting that range points to about 1.10.

On the 1-hour chart, the pair looked oversold. Price was below the 50-period exponential moving average, and the 14-period RSI showed a bullish divergence: lower lows in price against higher lows in the indicator. That suggests a pause or a bounce first. Rather than selling into the low, Miguel would wait for a rebound towards the moving average and former support around 1.1370, then look to sell with the trend.

U.S. indices and Bitcoin

The S&P 500 was moving sideways in a range after a failed break. A break below that range would raise the risk of sharper falls, which Miguel sees as possible into October with rates rising. The Dow Jones 30 had clearly broken its rising trendline and was trading below recent lows, and a falling Dow usually drags the S&P 500 lower.

Bitcoin had recovered once fears of strict U.S. regulation eased, breaking resistance and staying bullish for now. It had cleared the 38.2% Fibonacci retracement of its decline, and a move to the 50% retracement near 91,400 looked feasible. The risk is its recent correlation with equities: if stock markets fall further, the recovery could stall.

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Webinar presented by Miguel A. Rodriguez on 24 September 2026. The levels reflect market conditions on that date.

This commentary is general market information, not investment advice. It does not take your objectives or financial situation into account, and past performance does not guarantee future results. Trading CFDs involves a significant risk of loss.