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Still on Target

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

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