↑

The Rich Miser

Living it up for less

  • Richer Living
  • Finances
  • Food & Drink
  • Travel
  • Reviews
  • About
    • Contact Me
    • Blogroll

Stock and Crypto Analysis for the Week of August 30, 2021

on 8/29/21 by Miguel A. Suro
Leave a comment

Share
Pin
Tweet

Note: these charts are from TradingView.

Stocks

SPY

There isn’t much to say here. The SPY is absolutely trending up. This conclusion is strengthened by the healthy volume on green days, especially 8/27. I don’t see any big signs of weakness at this point.

QQQ

The NASDAQ is now trending up as well. It broke out of its consolidation range on 8/21 and has put up a nice ABCD pattern, with the new breakout on 8/27. The volume is a bit weak, but overall not very concerning. It had a strong 3-day upmove starting on 8/19, but on falling volume. Then, it consolidated for 3 days and finally broke out on 8/27 on fairly low volume.

Despite these volume issues, I will assume continued upside until more evidence of weakness emerges.

IWM

I have to think that the Russell 2000 continues to consolidate, since there is still not enough evidence of a true upside (or downside) breakout. The last few days put up a strong upside ABCD pattern, but it’s still well within its consolidation range. 

It needs a strong break past 235 to really say it’s in an uptrend, though it may be. 

Zooming out to the monthly chart, it looks fairly strong, though perhaps a bit overbought. At the end of the day, I can’t make any strong conclusions.

Overall Stock Market

Overall, the stock market seems fairly strong, with the SPY and NASDAQ trending up. Still, the Russell 2000 is inconclusive, and overall volume is a bit weak. Let’s remain cautiously optimistic and see what happens into September.

Crypto

Bitcoin

Bitcoin is consolidating as part of an uptrend, on weak and falling volume. A slow, meandering uptrend which does not inspire much confidence for me. I would not open any new BTC positions right now, and would consider taking some profits.

ETH

Ethereum is consolidating after a strong move up. Volume is falling. As a trader, I would not open any new ETH positions right now and would consider taking some profits. I confess that I am an ETH true believer, however, so I continue to buy in as an investor. 

From a technical standpoint, a strong breakout past $3,400 may signal a new leg in the uptrend.

 

Overall

Fairly bullish on stocks. Expecting consolidation on crypto.

Bonus: Solana

SOL has been on a huge uptrend lately, and it seems likely to continue for the time being. The daily chart shows a nice ABCD pattern followed by a second one which is now entering the consolidation phase. The breakout volume for this second ABCD pattern is somewhat low and therefore concerning, but all else looks good. I would not worry unless it returned to the prior consolidation range, which would mean a drop to about $80.

The weekly chart confirms the above, and the volume looks better than it does on the daily. We can see a high-volume breakout and a trend on the Williams Alligator indicator. It does look like it’s reaching overextension with the third big bull candle, so I definitely expect a consolidation in the near term, probably followed by more upside.

Share
Pin
Tweet

Day & Swing Trading

About Miguel A. Suro

I'm Miguel A. Suro, a Miami dad, attorney, journalist, and entrepreneur devoted to helping you live well for less. I've been seen on the NY Times, CNBC, NBC News, and more. Get to know us on:

Instagram
Twitter
Facebook

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

 

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • Richer Living
  • Finances
  • Food & Drink
  • Travel
  • Reviews
  • About
    • Contact Me
    • Blogroll

We’ll show you how to be savvier & upgrade your lifestyle.

Subscribe for free.

 

Archives

Categories

Lily Rodriguez and Miguel Suro

Meet the Rich Miser

Hey there! I'm Miguel, a lawyer and entrepreneur from Miami. When I'm not practicing law, I look for ways to live it up for the least amount of money possible. I also love nights out on the town, skiing, and being a news junkie. READ MORE
Terms, Conditions, and Disclosures / Privacy Policy / GDPR Privacy Policy / Contact Me / Media Appearances
Copyright ©2022, The Rich Miser. All Rights Reserved.
Design by Pixel Me Designs