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$BTCUSD (Bitcoin / USD) – A True Breakdown, But More Weakness Ah$BTCUSD (Bitcoin / USD) – A True Breakdown, But More Weakness Ahead Bitcoin ($BTCUSD) parred losses from the earlier week with a subtle +1.45% gain. $BTCUSD remains languishing at the $16,000 level as $3 billion escaped crypto exchanges in early November amid a bank run on fears of an FTX contagion. $BTCUSD daily action continue to morphed out a further Bearish Pennant pattern prompting the risk of a further accelerated sell off in near term remains. The level of support to watch for $BTCUSD this week remains at $15,630, a breakdown of the year to date low. Bull Case: Recapturing last week losses and reclaim above $20,000. Bear Case: Breakdown of $15,630, the year to date low.
BITSTAMP:BTCUSDShort
by jfsrevg
2
$QQQ (Nasdaq 100) – Similar Range Breakout From July 2022 May BeTech and growth names have been hard hit since the start of 2022 by a rapid rise in Treasury yields on the back of expectations that the Fed will hike interest rates aggressively to combat high inflation as higher rates can hurt their companies with high valuations based on the prospect of future profits. The tech-heavy $QQQ came down lower with a loss of -1.09%, sitting on the pivot support of the highlighted consolidated range. At the current juncture, $QQQ remains above its rising 10/20-day moving average.. The support level to watch for $QQQ this week is revised up to 274, undercutting its current rising 10/20-day moving averages. Bull Case: Reclaim above 293 the immediate classical resistance. Bear Case: Breakdown of 274 level, undercutting its current 10/20-day moving averages.. The next support level is at 260.
NASDAQ:QQQLong
by jfsrevg
$QQQ (Nasdaq 100) – Similar Range Breakout From July 2022 May BeThe tech-heavy $QQQ surged 8.84% last week, compared with the S&P 500's 5.9% in its sharpest weekly rally of the year. This welcome inflation news, combined with a huge drop in the dollar and market rates, launched an epic rally. The $QQQ for its part soared 7.4% on Thursday alone, reclaiming its 10,20 & 50-day moving averages within the single session. Many of the beaten-up growth stocks made double-digit percentage moves, including Amazon. ($AMZN), but just about every stock came along for the CPI ride. $QQQ have currently broke out of a consolidated 6 weeks range in similar fashion to to July 2022 period. During the time, $QQQ staged a continuous rally along its rising 10/20-day moving averages towards its medium term downtrend line. The support level to watch for $QQQ this week is revised up to 270, undercutting its current 10/20-day moving averages. Bull Case: Reclaim above 310 declining 20-day moving average. Bear Case: Breakdown of 270 level, undercutting its current 10/20-day moving averages.. The next support level is at 260.
NASDAQ:QQQLong
by jfsrevg
$BTCUSD (Bitcoin / USD) – Reclaiming 10/20-Day Moving Average Is$BTCUSD (Bitcoin / USD) – Reclaiming 10/20-Day Moving Average Is a First Sign Of Strength Bitcoin ($BTCUSD +7.52%) rebounded from $18,900 support level reclaiming posture above its 10/20-day moving average. It is worth to note that $BTCUSD is now trading beneath its declining 50-day moving average. The level of support to watch for $BTCUSD this week remains at $18,900, a immediate support before reaching its year till date low $17,590. Bull Case: Reclaim above its existing 50-day moving averages at $22,000. Bear Case: Breakdown of $18,900, a immediate support before reaching its year till date low $17,590.
BITSTAMP:BTCUSD
by jfsrevg
2
$SPX (S&P 500) vs $RSP (S&P 500 Equal Weight)$SPX (S&P 500) vs $RSP (S&P 500 Equal Weight) – (Net High/Low +17) The stock market came into this shortened week of trading on a three-week losing streak. It looked on Tuesday as if that streak might be extended to four weeks, but there was an abrupt turn in sentiment that powered a strong move in the major indices over the last three sessions from 3,900 support level. The losing streak was eventually broken and both the $SPX and $QQQ had reclaimed a posture back above their 50-day moving averages. The resilience to selling efforts in the face of negative developments has fostered a sense that the market has priced in the near-term rate hikes already after enduring three, consecutive weeks of losses. At Tuesday's low, the $SPX was down 10.1% from the intraday high it saw on August 16, so there has been an added sense that the market had gotten oversold and was due for a technical bounce. At the current juncture, the mid-term downtrend remains intact as $SPX remains trading below its declining 200-day moving average, and AVWAP from all time high. The support to watch for this week remains at 3,900 level, the recent lowest level. Bull Case: Reclaim above 4,212 AVWAP from all time high. Immediate resistance at declining 200-day moving average and downtrend line. Bear Case: Breakdown of 3,900 recent low. next support at 3,800.
AMEX:RSP
by jfsrevg