Thursday August 28th
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THE SPX has actually reached new all-time highs again, surpassing day 10 on day 18. The markets are bullish and can run higher for a while longer, until the next dcl comes due.
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The USD popped up and then sold off, and Gold did the opposite of the USD again. Gold dropped and started to recover.
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GOLD dropped and then started to move higher. Gold is now very close to the upper trendline. This is day 20, so it will be interesting to see if it has the strength to breakout here or not.
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SILVER actually looks like it back tested the breakout of that triangle.
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GDX dropped and started to recover too. It was down 12 cents.
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AT THE END OF THIS REPORT, BELOW BITCOIN, I AM GOING TO REVIEW A FEW STOCKS. You can continue below Bitcoin for that. We are still in a bull market in the general markets and in precious metals, but we bottomed in April and by September we just have to start to keep in the back of our minds and expect that a dip into a deeper DCL would start to come due. Bull markets have surprises to the upside and we’ve been seeing that, especially in Gold Miners. That can continue and even a dip into an ICL may be quick , like an a-b-c down in 1 month, so we’ll just have to see how things play out. So far, it has been a very bullish ride! Enjoy your Thursday trading!
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~ALEX
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YESTERDAY I POINTED OUT BITCOINS LATE CYCLE COUNT: I SAID
BITCOIN does have a reversal candle at what should be day 65, so we would expect this to be the low. As mentioned, some of the Crypto stocks are running as Bitcoin drops, so are they predicting this low?
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BITCOIN Live 6 a.m. ET –
1. So now we saw that reversal at day 65 and
2. Then on Wednesday we had a move that formed a swing low (even though it pulled back late yesterday) as day 1.
3. Now on Thursday morning we should be looking at day 2and it appears to be breaking the downtrend, so this should be ready to move higher.
4. As I have been saying, some crypto stocks like CIFR, HIVE, & IREN were already running, let’s see if the others play catch up…
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BITF broke out again yesterday, so I grabbed this chart. Bitcoin looked to put in a swing low, so this could run if Bitcoin does.
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BTDR was red and then started moving up, so I grabbed this chart midday as it broke above the 50sma. The triangle is bullish and BTDR was finally starting to push higher, and…
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BTDR then ran up 7% at one point, but it did sell back off a little, closing up 4.6%. This is still a bullish set up above the 50sma and should breakout if or when Bitcoin runs.
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SOME OTHER BULLISH LOOKING STOCK SET UPS
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ACHR – You can see that ACHR as an aviation company ran up swiftly in April and May ( $5 to $14). It also ran up from the 50sma at $10 to almost $14 in July. It has now pulled back to the 200sma and is resting there. To me, that is a low risk, high reward set up, if you buy with a tight stop.
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RR – was a buy a week ago and this week when it broke out and then gap filled. It had HUGE volume and ran very swiftly. Yesterday I saw SERV doing something very similar so…
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Yesterday I saw SERV doing something very similar so…
SERV #1 – I saw huge volume in SERV and it looked very much like RR when it shot up, so I Posted this at 9:40 a,. It popped with huge volume, did a gap fill attempt, and then it reversed and was up 7%, but it was breaking out.
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SERV #2 – 25 minutes later SERV was up 12% and the volume continued to swell.
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SERV #3 – Shot up over 20% and then sold off to ‘Up 13%’ on massive volume. This CAN continue higher, just like RR did.
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KITT #1 – KITT is also a robotics stock like RR and it started to creep up higher slowly. I pointed out that it also had volume swelling volume & price action (for 3 days in a row now). So here I showed the BIG PICTURE BASE. These can lead to much higher prices if it stays bullish.
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KITT #2 -By 10:55 a.m. it was still pushing higher, now up 12% with BIG VOLUME for just 1 hr of trading.
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KITT #3 –What?? Only up 2.46%?? yes, this is a pop and drop, but I have seen these sell off (profit taking from a big 20% gainer) and then continue higher very soon, so keep KITT on your daily watch list.
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KSPX is also a nice set up and it was breaking above the 50sma, so I pointed it out. It closed in this area with volume that was higher than yesterday, so I think that the Robotics watch list is becoming active. When that happens, you can tell from these charts at 10a.m. that I check it everyday, and often during the day. 🙂
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RGTI started breaking out yesterday too. The reversal at the 50sma support was pointed out on Tuesday and it was also then put in the report for Wednesday. Now it was breaking out on Wednesday. RGTI ran up 5% and then pulled back at the end of the day. I found that many of the stocks sold off into the close…
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I found that many of the stocks that ran higher gradually sold off into the close. We’ll see if they can gain traction again soon, before we become due for a dcl. We are only about half way through this daily cycle.
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Finally RKLB: We bought RKLB at the 50sma and it ran higher. It could form as a cup and handle or just chop higher, so I wanted to raw an idea of that just in case we get the cup and handle as a buy or ‘add’ opportunity.
