Market Notes:
Markets bounced decently yesterday but not before breaking that critical support level I’ve been eyeing. This morning the SPY is trying to pick the trend back up but struggling. Here’s what I’m seeing:
The top line is the old level of support. Another close below it could be a sign of bear’s resurgents.
Yesterday the market received positive economic news. Retail sales grew last month while analysts called for a decline. The surprise could cause the Fed to taper earlier than expected … I suspect the main reason for the weakness right now. But it’s positive news for the economy.
Yesterday’s rally was broad. My scanner lit up light a Christmas tree. My watchlist is the longest I’ve had in quite some time. However, it’s all random. No clear trend in any industry … SPACs and former SPACs seem to have the most life but those tend to trade ugly … Another risk off day for me.
Bitcoin and the crypto market are still holding up well and I’m still buying.
Wake me up when September ends…
Watchlist:
*EZFL watching for a setup above $5
*SGMA has support at $11
*EEIQ has resistance at $8
*LIFE has support at $10
*OPAD is on watch
CEI has support at $1.60
CLBT has support at $12
CRVS has support at $3
LILM has support at $10
DEH has support at $10
ARC has support at $3
ARQQ has support at $16
GRTS has support at $13
LPTX is on watch
RSI has support at $17
ISEE has resistance at $17
DNA has support at $11
OTC (on watch, no levels):
SRUUF, ILUS, ISWH, PALAF, LWLG, SWRM