Archives of “January 3, 2020” day

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Bitcoin off to a weak start in 2020

  
Analysis, BITCOIN
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Bitcoin on Coinbase is down $-265 and back down below $7000

The price of bitcoin is off to a weak start in 2020. The price on Coinbase is trading down $265 at $6951.83.  The hi reached $7217. The low reached $6903.
Bitcoin on Coinbase is down $-265 and back down below $7000
In addition to breaking back below the natural level of $7000, the price is moving further away from its 100 and 200 hour moving averages. Those moving averages currently come in at $7219.51 and $7231.48 respectively.
Over the last 7 or so trading days the price has been fluctuating below and then above those moving averages. The high last week extended up to $7531 after breaking above the moving averages at $7239 on December 28.
The price move back below the moving averages on December 30. They were retested on December 31 and again on January 1 before rotating back to the downside yesterday. Bearish
In addition to the fall below the moving averages, the price today also fell below the 50% retracement of the move up from the December 18 low at $7059.50. Bearish.
That break targeted the 61.8% retracement at $6910.93 next. Buyers have leaned near that retracement level. We are currently seeing a modest bounce. It will likely take a move back above the 50% retracement level at $7059.50 to solicit more buying.
Should the price break below the 61.8% retracement, however, I would expect further downside momentum. The low price in December reached down to $6430. That would be a target on increased selling pressure.

Day 1 of 2020 and record closes for the major indices, and at session highs too.

  
Analysis, US Market
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NASDAQ index leads the way with a gain over 1.33%

It is day one of 2020 and the major indices are all closing at record levels. The NASDAQ index is leading the way with a gain over 1%.
The final numbers are showing:
  • S&P index rose 27.21 points or 0.84% to 3257.98. The high price was at 3258.14. The low extended to 3235.53
  • NASDAQ index rose 119.58 points or 1.33% to 9092.18. The high reached 9093.43. The low extended to 9010.89
  • Dow industrial average rose 331.51 points or 1.16% to 28869.95. The high reached 28872.80. The low extended to 28627.77
It is only one day, but the markets are starting off with a flourish in 2020.  Apple reached $300.00 and is closing above the $300 level for the first time ever (closing at $300.35).   For the day Apple rose $6.70 or 2.28%.
Other big gainers among the big names include:
  • AMD, +7.06%
  • Tencent, +3.77%
  • Alibaba, +3.61%
  • Northrop Grumman rose 3.39%
  • micron, +3.03%
  • Tesla, +2.87%
  • Amazon rose 2.72%
  • Salesforce rose 2.69%
  • Disney rose to 2.43%
  • PayPal rose 2.39%
  • Apple rose 2.28%
  • Facebook rose 2.21%
  • Alphabet rose 2.19%

Laggards include:

  • General Mills, -2.67%
  • Target, -1.68%
  • Bristol-Myers Squibb, -1.23%
  • Procter & Gamble, -1.15%
  • Costco, -0.83%
  • Papa John’s, -0.46%
  • Coca-Cola, -0.63%
  • Wells Fargo, -0.04%
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