The stock market heads into the holiday weekend looking to pick up some momentum into December. Meanwhile, bitcoin is nearing 100,000. Market bulls are still hanging in there.
As Friday is a ½ day and Black Friday, we can only guess that based on a strong yet discerning consumer, the Retail sector ETF (XRT) should hold the gap up it started this past week with. If that is the case, we anticipate a move higher for the coming week.
The Russell 2000 ETF (IWM), looks solid over 240. While we have a possible double top over 244, momentum is on the index’s side.
The Biotechnology sector ETF (IBB) did what we suspected it would do. After an overreaction, IBB recaptured both weekly moving averages.
The Semiconductors sector ETF (SMH) might be at risk of breaking the 50-week moving average for the first time since October 2022. That would be huge. However, it has not happened yet.
The Transportation sector ETF (IYT) made a new all-time high and now sits with some gentle profit taking on support around 73.75.
The Regional Banks ETF (KRE) found resistance at 70. However, with the breakout over 65, or the scene of the March 2023 crime, we look for that to hold. Not my favorite sector.
Now let’s discuss at Bitcoin…
The weekly chart (above) of Bitcoin shows this past week as an inside week to the one prior. That means that the trading range was inside the trading range of the week before.
We assume this is bullish for bitcoin. However, we have a guide to follow.
A move above or below the range of the prior week, 89,392 low and 99,800 high, is most likely an opportunity to follow the range break up or down. We still it’s possible for bitcoin to reach 130000 to 150000 in early 2025. Be sure to watch the ranges.
I am so appreciative that I got the opportunity to close out the week ahead of the holiday on Fox Business with the venerable Charles Payne. We covered Small Caps, Retail, Vanity Trade and Rivian.
Twitter: @marketminute
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not represent the views or opinions of any other person or entity.
