Markets were closed yesterday for the holiday, so our normal “Money Mondays” is being released today on Tuesday this week.
- All eyes on Bitcoin: price surged up $4,000 last week
- You can track my thesis on Bitcoin here through Fraywire!
- Are we truly headed towards a recession? Will unemployment really get as bad as the big banks think it will?
S&P 500 / $SPY
- We’re still looking for the SPY to break out of this downtrend
- A breakout here would confirm a period of accumulation / prolonged headwind – I’m not sold on a bull run in 2023 yet.
- RSI is trending into a pennant with the print currently favoring overbought levels
- This means we’re likely to see a correction in price to the downside, possibly testing “Target Support Area No. 1” in the shaded area again.
Nvidia / $NVDA
- The right shoulder of the inverse Head & Shoulder pattern appears to be completed.
- We should expect some slight volatility to the downside as the daily RSI print is favoring overbought.
- That’s nothing too concerning – I’m still expecting a general move upward in the following weeks.
Any dips here could just be additional buying opportunities.
- That’s nothing too concerning – I’m still expecting a general move upward in the following weeks.
MGP Ingredients / $MGPI
- Last week we identified a hidden bullish divergence on MGPI
- This week I’m expecting price to move up to possibly test the previous high before the end of this Spring.
- Failure to make a higher-high will result in a head and shoulders topping pattern – in which case I’ll turn bearish and look for lower-lows.
Bitcoin / $BTC
- On a lower-time-frame, Bitcoin formed an Adam & Eve pattern – usually a sign of a bottoming structure
- Zooming out, we can also see a Cup & Handle formation where we should expect to retest the neckline within the next week or so, presenting some buying opportunities for my long portfolio
- This is not to say the bottom is in – anything is possible, but this strength in price action may suggest that we’re continuing this period of accumulation in the bottom range.
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