Fun Fact #27
Did you know that 1000 people own 40% of all the Bitcoins? These people are known as “Bitcoin Whales.” Whales refer to institutions or people that own so much Bitcoin that they can move the markets at will.
Since all the charts of the indexes look similar, I will discuss SPY, the ETF that tracks the S&P500 index, today.
SPY is running into overhead resistance in the 267-270 zone as you can see in the chart above. If SPY can break above this level, we will likely see a retest of the 275-280 level in the weeks following the breakout.
Although I am still bullish, I don’t think we can break above 270 until we start seeing more volume. My reasoning is that the bears will push the prices down since it’s easier to do with low volume. Buyers will also start taking profits at that level, which is why that zone acts as resistance.
I think we see more upside tomorrow since Netflix’s good earnings will pull the market up with it.
Please leave questions/comments/suggestions about my blog (or anything stock related) in the comments below. I will be glad to answer them. Thanks for reading!
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