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Stocks Rebound As Bitcoin Melts; Gold Breaks Out

By Michael KramerStock MarketsApr 22, 2021 12:13AM ET
www.investing.com/analysis/stocks-rebound-as-bitcoin-melts-gold-breaks-out-200574551
Stocks Rebound As Bitcoin Melts; Gold Breaks Out
By Michael Kramer   |  Apr 22, 2021 12:13AM ET
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Stocks advanced on Wednesday, erasing all of Tuesday’s losses and more. The S&P 500 finished the day up 93 bps and closed at 4,173. Meanwhile, the NASDAQ 100 ETF (QQQ) rose by around 86 bps, closing around $339.

The S&P 500 is poised to close the gap at 4,185. That is the next level to look for, and a move to that level will tell us a lot about what happens thereafter. Clearly, if it moves above 4,185; there is a good chance we move up to 4,240. If we fail, at 4,185, there is a good chance we revert and move to retest 4,125.

The bears had a lot going their way yesterday, especially with Netflix (NASDAQ:NFLX) down sharply. But they simply didn’t show up to play the game.

S&P 500 Index Chart
S&P 500 Index Chart

After-hours the S&P 500 E-mini futures, were finding resistance at the uptrend that formed on April 7. This could prove to be a retest of the break in trend, and move lower.

S&P 500 Emini Futures 1-Hr Chart
S&P 500 Emini Futures 1-Hr Chart

Bitcoin isn’t helping. It is breaking a very bearish pattern. The pattern in Bitcoin is on the hourly chart and is negative—a bear pennant. The wave count suggests the next break is lower too.

Coinbase 1-Hr Chart
Coinbase 1-Hr Chart

The relative strength index is breaking to a new low, also suggesting lower prices ahead for Bitcoin. The target price level would be around $51,900, but it could be much lower, with the level to look for $45,000.

BTC/USD Daily Chart
BTC/USD Daily Chart

Gold

Gold has been pushing higher recently, after finding support around $1,675. It may even be forming a double bottom off of support. A push above $1,800 likely confirms the double bottom pattern and the potential to push up to $1915.

Gold Daily Chart
Gold Daily Chart

Microsoft

Yesterday, I noted that I thought Microsoft (NASDAQ:MSFT) could run up to around $275.

MSFT Daily Chart
MSFT Daily Chart

Roku

I thought Roku (NASDAQ:ROKU) would be down on Wednesday given Netflix’s results. The stock is still overvalued in my opinion, and I tend to think Vizio (NYSE:VZIO) now offers a direct peer.

Roku Inc Daily Chart
Roku Inc Daily Chart

Original Post

Stocks Rebound As Bitcoin Melts; Gold Breaks Out
 

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Stocks Rebound As Bitcoin Melts; Gold Breaks Out

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Comments (2)
How Rudo
How Rudo Apr 22, 2021 2:59AM ET
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Bitcoin melting ??   Not really.  This pull back is just the usual ups and downs and the daily traders play in the markets.  Overall,  bitcoin has been marching higher and giving better returns than Anything else.
Ron Love
Ron Love Apr 22, 2021 2:59AM ET
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A lot of people dont know much about cryptos bro, they apply the same price movement logic to cryptos they use on stocks.
Edward Chong
Edward Chong Apr 22, 2021 2:01AM ET
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since when did bit melt? its still above 50.
 
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