Watchlist: 9/9 September is for Lower Stock Prices

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:

SPY chart 1-day candles

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:

*Low Float

*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

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