S&P 500 / $SPY
- We’ve made projections over the last few weeks that the S&P is on its way back down to June/October support levels
- Price is still moving in that direction as expected
- I will continue to expect small daily bounces on low liquidity days around the holidays till after the New Year
- I’m expecting high volatility when price tests support again
- This is where the market will decide if we prolong the bear or crab until the next bull run
Bitcoin / $BTC
- Generally speaking, Bitcoin has been hovering around $16,850 since November (after the FTX collapse)
- This flat trendline has flipped from resistance to support and back to resistance over the last 2 months
- I’m remaining bearish here for two reasons:
- 1. Price action has been unable to break the resistance line since mid-December – there is no catalyst for the crypto market to move up right now
- 2. The initial flip from resistance to support was supposed to be bullish but price failed to hold and flipped the line back to resistance – this is a bearish confirmation that prices should be heading lower
- I’m remaining bearish here for two reasons:
General Notes:
- All markets seem to be heading steadily downward as there’s little to no reason for upward momentum
- Macro-indicators continue to point to bleak days ahead. I will revise my thesis if the following indicators improve:
- Personal Savings (Higher)
- Credit Card Loans (Lower)
- Fed Fund Rates (Lower)
Fraywire Development:
- Development on Fraywire has been moving exponentially
- The following features have been fully implemented:
- Customized Watchlists
- “My Markets” dashboard
- Personalized notes for individual stocks and assets
- Economics pages are complete with all major indicators available to users in real-time
- No-password login completed but the option to use passwords over verification codes is still there
- Stock and crypto screeners have been added to the Dashboard
- The following features are still in development:
- Daily stock and asset analysis
- We will be changing some things with the newsletter – a majority of the day-to-day chart analysis will move to Fraywire – still for free!
- Ability to publish notes from stocks and assets for other users to see
- More news aggregation
- Daily stock and asset analysis