Watchlist: 10/4 Sideways is a Direction

Market Notes:

After a lower low on Friday, the markets rallied to end the day up more than 1%. I see a clear double bottom right now, which is usually more bullish than bearish.

SPY 1-day candles – Chart via thinkorswim

But until we have a catalyst I think the markets are more likely to chop around sideways rather than breakout or break down. Markets don’t always move up or down … side consolidation is typical of this time of year.

Bitcoin is above the big moving averages. Buyers have stepped up and bought every dip. I remain bullish on crypto until the end of the year.

I’m going to stay risk off until there’s a reason not to. Earnings season is around the corner and even congress has the power to drop a powerful catalyst right now.

Watching and waiting is my plan for now.

Watchlist:

*Low Float

*BMRA is on watch
*SDPI has support at $1.40
*PED is on watch
*APRN has support at $7
LPTX has resistance at $4
INDI has support at $12
GOGO is on watch

OTC (on watch, no levels):
ILUS, CYBL, FERN, ICOA, TONR, ALPP

Leave a Comment

Your email address will not be published.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