News:
Wednesday was another mixed session on Wall Street
The Nasdaq and S&P 500 extended their longest winning streak since November 2021.
The others posted modest declines…
- Dow Jones -0.1%
- Nasdaq +0.1%
- S&P 500 +0.1%
- Russell 2000 -1.1%
Overnight, speculation about SEC-approval of one or more Bitcoin ETFs pushed its price up to new 52-week highs.
At writing, one Bitcoin trades at $36,800, its highest level since May 2022.
- The best way to own Bitcoin is through self-custody
- The best way to buy Bitcoin is through Swan
- Start today with this link, and your first $10 worth is on us
We maintain a long-term bullish outlook for Bitcoin and continue to accumulate weekly through Swan.
Sector Round Up
The sectors split. 5 of 11 ended Wednesday’s session higher.
At the top…
- Real Estate (XLRE) +0.6%
- Technology (XLK) +0.6%
- Materials (XLB) +0.3%
At the bottom…
- Communications (XLC) -0.5%
- Utilities (XLU) -0.7%
- Energy (XLE) -1.3%
Technicals:
Buyers continue to show resilience.
Today’s chart shows how local support levels are holding after last week’s massive bull run…
Over the past three trading sessions, buyers pushed prices back up every time the S&P 500 dips.
Our outlook remains bullish.
Your latest readout…
- The VIX is below 16—bullish
- RSI levels are neutral
- The put-to-call ratio is oversold—bullish
Timing:
According to a Bloomberg analyst, A two-week window for the SEC to approve a Bitcoin ETF opened yesterday.
The speculative window closes on November 17th.
Bear in mind that approval is only a first step … Trading for a new ETF would likely be months away if approved.
Watchlist:
*Low Float
^Open Position
*TNON on watch
*SHOT support at $1.60
*SKWD support at $29.50
^WRAP support at $2.50 / 2.75
ALKT support at $20, resistance at $22
BHVN support at $28
Seconard watchlist—float about 100 million
ROVR support at $7
TBLA support at $4
KD support at $17
PINS support at $30