The Fed canceled its annual in-person meeting in Jackson Hole, the reason: COVID. All while talking about tapering its support for the markets … irony?
Tapering is a vote of confidence, just like raising interest rates. But the market always sells off initially when the Fed decides to go with less interference.
Indexes put in a healthy bounce yesterday after hitting technical support.
All the money printing remains bullish for bitcoin as real buying continues and more retail interest grows. The $50,000 level is providing some resistance but no clear rejection or acceptance yet.
I’m still risk off as most stocks remain in bearish territory. I’m watching for hot sector plays only … COVID and crypto.
OTC (on watch, no levels):
NLST, HPIL, PBYA, TSOI, RGBP, DPLS, ILUS, NSAV, AUNXF