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Risk On Leans Heavily on Google and Bitcoin - What’s Next
Of course stocks could zoom higher and even zoom higher nearly every single day until early January. That is absolutely possible. Stocks could also plummet. That is possible as well. Let’s try and focus on what the market is telling us right now.
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To me - my senses are leaning towards an attempt at an all hands on deck rally through the end of the year built almost entirely on Google and Bitcoin. My senses are that this attempt is well underway . . . . will it survive?
GOOG Daily
As of this time . . . . the tech and AI impulse higher in S. Korea is lagging from The Market Ear at ZH:
From BitcoinMagazinePro.com the Supply Adjusted Coin Days Destroyed is at levels last seen in 2018:
Bitcoin 4HR
Thoughts and observations:
Bitcoin 4HR Money Flow was Green and flipped back to Red when bumping up into the $88.6Kish range . . . . . .
Bitcoin has a path . . . . . . . claim $91-$92Kish . . . . turn to support . . . . shoot for $96Kish . . . . . the path is there but is the Money Flow on Higher Time Frames going to support it . . . . . will it support it enough on the 4HR????
Big target is the now declining 50 Week EMA . . . .
GOOG can go up every day for the next six weeks straight that is possible . . . . . if it were to do so it would be doing it from a position that is already well extended above 21 EMA . . . . that is a fact . . . . it can be done but those are the circumstances . . . . . . .
Bessent jawboning new Fed head before Christmas announced . . . . . hawks talking dovish . . . . . . I’m sorry but my senses can’t help but absorb this all out effort to make the scoreboard show 100% odds of a December cut . . . . . . yet my senses still tell me that still does not change the market’s perception of real rates one year out which to me is already reflected in the Weekly Money Flow on QQQ and NVDA among others bleeding Red . . . . .
Let’s see what happens . . . open mind . . . . . very heavy cash
GOOG without a doubt the most important asset on Earth right now in terms of holding up Risk On for an “end of year rally” . . . . . but each time GOOG takes seemingly another Daq behemoth loses . . . .
