June 21st analysis and watchlist

Crypto Markets

BTC is the only chart that we need to post for crypto today. All of the other cryptos look the exact same. We are nearing the low end of the range and at risk for a breakdown. I am still holding the BTC short that I mentioned and have alerts set for the breakdown.

Equty markets

RSI divergence occurs when the market you are looking at makes higher highs while the RSI makes lower highs. This occurs when momentum is drying up on each push higher. This state can correct its-self and it can persist for a super long time so this is not a top call.
We noted this on Thursday and also to watch the low of the fed day candle. Both showed thier hand on firday. As we talked about in the room I was lightening up on positions and glad I did. The uptrend still remains but we are weaker the earlier in the week.

Thing to watch for next week for me is the QQQ or tech stocks. So far they are holding up well but they are showing the same RSI divergence that got me scared in the SPY.

No real notable news until the close tomorrow.

XLE (energy) was the darling sector just days ago but now showing the weakest of the bunch. This makes me want to sit out of anything oil for a while now.

Stocks to watch

Nice looking flag here on GTBP. Watching to see if we break over Thursdays and friday’s high.

Continuing the theme you will see today about looking for stocks not tanking with the market. FUBO holding strong here with a massive short float.

CYRX Another flag just like the others. This is what im looking for into next week. If they didn’t break down with the market on friday maybe if we bounce people will dive into these names.

Cheap one here with PPSI nice massive rounded bottom. Strong and obvious resistance we need to clear for a move higher.

Longer term look in RLAY shows us a potential inverse head and shoulders.

Watchlists

https://docs.google.com/spreadsheets/d/1n0Lkgecm9LDu1j0CeYyDy-ix5BFRVivI4JUYNwnRUs8/edit?usp=sharing

my Thoughts

More worried about the market here than I have been in a while. However, so far every dip in this market since the pandemic crash has been aggressively bought. So this one might be no different.

However, it would be a perfect irony if the market started to sell the moment it looks like we might be starting to beat covid. ANd the market loves irony. So I will continue to kill anything that’s not working quicker the normal and trade smaller and take profits MUCH quicker.

PREMARKET update

Small gap up in the morning. With no news today its all going to be about what happens off the open I think