Bear market rally coming to its first pitstop imo. 21W EMA now flipping from support during a bull market to resistance during a bear market. High volume node and 0.5 fib at $4,186 also serving as resistance. Additionally, the body of this week's candlestick is smaller than last week's with higher volume indicating selling pressure.
I think SPX is probably going to correct at least 5% down the 1 fib level and high volume node at $3,951. Will re-evaluate there. Still holding onto all my longs in crypto and stocks. Looking to start positions in crypto miners and add more into cannabis stocks should this correction actually occur.
FUD is still at an all time high ranging from 1) Biden catching, cured, catching, cured, catching COVID 2) Omicron BA4, BA5 to BA Infinity, 3) Monkey Pox, 4) U.S./China, 5) U.S./Russia... I mean Ukraine/Russia, 6) Global governments declaring a recession one year too late 7) Worst inflation in over half a century8) Rising interest rates. I think that's all...
Just a hunch: I don't think democrats will enter the midterm elections with over 10 trillion dollars leaving the global financial markets with $100+ Oil and double digit Natural Gas. After all, public perception is very important to the Democratic Party.
I think SPX is probably going to correct at least 5% down the 1 fib level and high volume node at $3,951. Will re-evaluate there. Still holding onto all my longs in crypto and stocks. Looking to start positions in crypto miners and add more into cannabis stocks should this correction actually occur.
FUD is still at an all time high ranging from 1) Biden catching, cured, catching, cured, catching COVID 2) Omicron BA4, BA5 to BA Infinity, 3) Monkey Pox, 4) U.S./China, 5) U.S./Russia... I mean Ukraine/Russia, 6) Global governments declaring a recession one year too late 7) Worst inflation in over half a century8) Rising interest rates. I think that's all...
Just a hunch: I don't think democrats will enter the midterm elections with over 10 trillion dollars leaving the global financial markets with $100+ Oil and double digit Natural Gas. After all, public perception is very important to the Democratic Party.
Comment:
Bitcoin will most likely follow indices or lead indices if and when the correction occurs back to $21,000 or a retest of $20,000 for good measure. White trend line has never been broken in bitcoin's history.
Comment:
200 DMA and .618 fib punishing SPX. Will probably drift and trade sideways for a bit before pulling back to 4,000
