January 21, 2022

Market Update 1/20 – Short Term Capitulation in Equities?

SPX printed 4447 after the close. This is a good spot for a bounce, especially given elevated volumes in SPY and QQQ today. The red bars on the charts below indicate when the volume is at least 1.5 x the 20 day average at a 50 day low. The market usually bounces following one of these high volume days, although there are of course exceptions. My ‘favored’ view is that price bounces but that the bounce fails near 4530.
December 6, 2021

Market Update 12/5 – Crypto Ideas after a Wild Weekend

That 11/10 reversal nailed the high. From high to low, BTCUSD dropped 39%. The low over the weekend was at the center line from the channel that originates at the 2015 low. 53000 has been a key level since September and I’m watching for resistance at that level. With the low at the center line however, watch for support at 45000-46000. An aggressive bearish target on a break of the center line is 23000. The longer term picture is below.
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