Market Notes:
August and September are typically the slowest months of the year for stocks. In post-election years the SPY averages -1.4% and -0.5% respectively. (Thank you to Stock Trader’s Almanac for those stats)
But 2021 is far from typical and the Fed continues to pumps cold hard cash into the markets. August posted a return of +2.9%.
After a few red days, the bears are emerging from the woodwork. Jim Cramer said, “lower stock prices is what September is all about.”
Check out today’s chart:
I drew those lines months ago and they continue to hold true. A dip to support every now and again is to be expected. But I remain bullish until the line is broken.
Bitcoin’s dip has been bought up. Though it failed to hold the $50,000 level it remains above the important moving averages. I’m watching for a golden cross any day now.
I’m risk off today as the market is cooling down.
Watchlist:
*GANX has support at $8.50, resistance at $9.50
*HLBZ is on watch
ATER has resistance at $10
BBIG is on watch
ADAP has resistance at $6.50
GSAT has support at $2.40
OTC (on watch, no levels):
LWLG, SRUUF, MTRT, HMBL, ISWH, FFZY