End of Week Recap: No Signs of Slowing Down

Markets have been on a tear this week whether it’s crypto or stocks. A few weeks ago I wrote about sentiment and how we were setting up to see new all time highs in stocks by the end of January. At the time it was very unpopular stance but now you may be coming around to the possibility.

Looking at the S&P500 this is what we call a V shape recovery.

What I am looking at now is that we are running into a key resistance area around 4415. Given this we could see a little struggle here next week before continuation into an even bigger rally. Next week we have inflation numbers and an important time period around the 13th so if we get a pull back that will be your chance to buy.

Same with the Nasdaq

Broke out and retested the down trend line then continued right into an important level.

With the Dollar

We got the retest of the breakdown and it was unable to get above the 21 day moving average. We want to see this continue lower next week.

On to Crypto

BTC

The orange circle here shows vertical accumulation, a very powerful trend. We knew about the important window at the end of this week and its proving so far to be a significant breakout. I believe we will see it touch the 41k mark next week before we consider a pullback.

ETH

Also making a very strong move right in our time window. I think this will continue to around $2400 before any cool down.

Overall a great week in the markets if you have been following along. Our portfolios are doing great and outperforming the market by a wide margin. Looking ahead we should be at the beginning of this move and what should be a substantial alt season in store.

We do have some big dates coming up one is early next week and the next will be around Thanksgiving. We will continue to monitor price and how it reacts around these times but this is a strong trend you do not want to go against. Pullbacks are for buying and they will likely be very shallow and very brief before continuation higher.