1/11/23 Bitcoin’s Back, Powell’s Not “Political”


On Tuesday, Fed Chair Powell’s words from Sweden had little impact on the market…

Stockholm, Sweden; Image from Savored Journeys
  • He acknowledged that the Fed’s policy is “not popular”
  • But explained he’s not concerned about “short-term political factors”

After a negative open stocks climbed throughout the day and closed with modest gains.

The four major indexes ended the day green. Risk-on stocks led the way…

  • Dow Jones +0.6%
  • Nasdaq +1.0%
  • S&P 500 +0.7%
  • Russell 2000 +1.5%

Sector Round Up

10 of 11 sectors ended the day positive.

At the top…

  • Communications (XLC) +1.5%
  • Consumer Discretionary (XLY) +1.3%
  • Materials (XLB) +1.0%

The lone loser…

  • Consumer Staples (XLP) -0.1%

Bitcoin’s Bounce

On 7 of the past 8 days, Bitcoin^ has traded higher than the previous day. Marking its longest rally since March 2021.

  • At writing 1 bitcoin will cost you about $17,500.
  • This is the highest level its traded at in over three weeks
  • It’s still down about 75% from all-time highs posted in late 2021
Photo by Tima Miroshnichenko from Pexels

Bitcoin-related stocks rallied as the digital asset began showing signs of life. Those stock include:

  • Coinbase (COIN) +13%
  • Marathon Digital (MARA) +17%
  • Riot Blockchains (RIOT) +15%

We remain buyers of bitcoin and are long-term bullish.


Tuesday’s rise put the market on a clear upward trend.

The S&P 500’s local breakout and confirmation are the most bullish signs investors could hope for.

SPY Daily Candles – Chart via thinkorswim

The market is facing little resistance in the short term. But the red line of falling resistance could pose a problem in the coming weeks.

For now, there’s no reason the gains can’t continue…


Expect the market to be in wait-and-see mode today as there is little scheduled news.

Thursday, the latest inflation data is due out in the CPI report.

Friday, earnings season begins with several big banks reporting premarket.


*Low Float
^Open Position

*EBON on watch
AEHR support at $27.50
RCON on watch
VYGR support at $7, resistance at $8
EH support at $12
VRDN on watch
LX on watch
WWE support at $89.50
FULC on watch
ARHS resistance at $12
^CROX support at $110
^PRQR support at $3.25
CTMX resistance at $3
RVNC resistance at $30
HUYA support at $5

Secondary watchlist, float 100+ million

IRDM support at $54, resistance at $60
TGTX support at $10, resistance at $12
EXAS support at $55
BBWI support at $45
DADA support at $13
GERN resistance at $3
ROIV on watch

Leave a Comment

Your email address will not be published. Required fields are marked *