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One excellent representation of the “risk on” and “risk off” mindset of the general public can be found by way of Bitcoin, even if what we’re talking about is equity markets. For many months, this thing has been thrusting up and easing down (yet with successively lower lows and lower highs), surfing along with the capricious psyche of the investing public.
All the new weekly pivots are on the daily charts posted below.
The last few days I have been watching the resistance at the daily middle band on all three of BTCUSD (Bitcoin), ETHUSD (Ethereum) and SOLUSD (Solana). An H&S pattern had formed and broken down on Solana, and another was still forming on Ethereum. If resistance at those daily middle band held then the setup was likely to break down further, into targets of 119 on Solana and 2,250 on Ethereum. On a sustained break up over those daily middle bands, and the failure of the H&S pattern on Solana on a break back up over the H&S right shoulder high at 152.17.
(more…)The idiotic Powell Pivot rally has already been set into flames, as God intended. Resistance is hard as a rock. Here’s the SPY:
I’m not a tennis guy, but WOW, here’s another place where inflation has surged (although it’s great for the champs):
Here’s an example of a screw-up based on simply Too Much Going On.
This morning was rather chaotic. After five days on the road, and a lot of strenuous (for me) physical labor, I flew five hours back to my beloved Palo Alto. I got a late start (5:30 a.m.) and there were a bunch of technical issues I had to deal with on my systems. In the midst of it all, the market opened, and AMD exploded higher.
