It’s a bank holiday, a big shout-out to all the veterans out there. Thank you for your service. I served in the Marine Corps from 2003 to 2008.
The bond market is closed today and all the important market data was released yesterday, ahead of the holiday.
No surprises on the jobless claims number but inflation is shown at its highest level in 30 years. This catalyst finally gave the market a reason to start selling. We could see a few more days of selling too, but I’m not expecting a lot more downside.
Bears are pointing to the inflation number as a reason to sell but I see the news as a reason to bottom, not crash. Sideways action is more likely as futures rise this morning.
The inflation catalyst may put more wind in the sails of bitcoin bulls. They’ve been calling it a hedge against the government’s money printer for years.
I’m watching for the markets to restart their uptrend by the beginning of next week. I also expect crypto to rally on and off for the next month or so.
There are still big moves happening in select large-cap stocks. BYND and AFRM are two making big moves in the pre-market.
I’m letting the market shake out a bit before jumping back in. Today I’m risk off, perfect setups only.
*STRN has resistance at $5
*RETO has resistance at $1.70
AGC has resistance at $16
KDNY has resistance at $16
YELL has support at $11.75
ARLO has support at $7.50
FCEL has support at $10, resistance at $11
COTY has resistance at $10.80
OTC stocks, no levels:
AABB, ILUS, VYGVF, TGGI, DMGGF, RCFLFW, SMURF, LIACF