1. Bitcoin is testing the 200-day moving average again. The popular crypto currency is testing its important 200-day moving average again. A weekly close below this key level is very negative and will likely signal a further decline. The may 19, 2021 low at 30,205 is also a critical support level in the near term.
2. The major stock indexes are mixed again. The DJIA (DIA) and the S&P 500 Index (SPY) are slightly negative. On the flip side, the NASDAQ Composite and the Russell 2000 Index (IWM) are slightly positive. Trader should watch the volume closely. Big run in the Meme stocks all heading up $Koss, $AMC $GME and the rest. Institutional money has discovered the Meme stocks.
3. Gold/Silver taking a breather today. Gold and silver futures down. Perfect consolidaton.
Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He successfully managed money for a large, affluent private client group. Nick is an expert in Technical Analysis. He is a highly regarded and accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. After applying his knowledge to his client base and meeting his personal monetary goals, he decided it was time to begin teaching those interested in learning his trading and investing methodology. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.com and realize his dream of educating others about the truth of the markets. He now co-heads the education department at InTheMoneyStocks and enlightens thousands of members, along with providing consulting services to hedge funds and institutions.