8/18/23 Looking For Buyers


The markets continued their multi-day slide on Thursday.

Seasonal weakness, a hawkish Fed, China’s slowing economy, and rising interest rates gave buyers no reason to buy and sellers every reason to sell.

Image from eBay

The indexes posted a third day of losses…

  • Dow Jones -0.8%
  • Nasdaq -1.2% 
  • S&P 500 -0.8%
  • Russell 2000 -1.2%

Sector Round Up

Once again, 10 of the 11 sectors finished the day in the red.

The lone winner…

  • Energy (XLE) +1.2%

At the bottom…

  • Consumer Staples (XLP) -1.0%
  • Communications (XLC) -1.2%
  • Consumer Discretionary (XLY) -1.7%

Crypto Crashing

Not even Bitcoin^ can escape the seller’s wrath.

Chart from BarChart

The price of Bitcoin fell 20% below July’s highs on Thursday.

While longer-term support is holding, skittish investors appear to be fleeing risky assets for now.

We maintain our bullish longer-term outlook on Bitcoin but caution one must not risk more than one can afford to lose.


Now that short-term support levels have begun to fail, we turn to longer-term levels for potential turning points.

SPY Daily Candles – Chart by thinkorswim

The marked support level will likely spur some buying. Our indicators are beginning to unite in oversold/bullish conditions.

Your latest readout…


It’s options expiration day.

The final hour of trading could provide a wild ride.

We are on the sidelines today. Trade with caution.


*Low Float
^Open Position

*RETO support at $3.50, resistance at $5
*HKIT on watch
*GCT support at $11
*JUPW has support at $1, resistance at $1.20
*GAMB support at $13
*GROV support at $2.50
*ACIS (formerly UIHC) support at $7
GRPN support at $10, resistance at $12
EYPT support at $13
EZGO support at $2.25
TDS on watch

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