Technical Analysis on The S&P 500 and Bitcoin – Ghost Squawk

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Published on: September 20, 2021
Author: Daniel Kovach

S&P 500

Stocks have plummeted from the news that Evergrande, one of China’s largest real estate developers, may file bankruptcy. This would effectively make them “China’s Lehman Brothers”. Risk sentiment is extremely risk-off right now. Stock indexes world wide have plummeted. The S&P has sliced through the 4400 handle with ease. We should have support from 4364 and 4350. If we catch support at these levels, we could retrace back to 4408, which would be roughly a 50% retracement of the selloff.

S&P 500

Stocks fall, breaking into the 4300 handle.

Ghost Squawk's Risk Sentiment

The Ghost Squawk Risk Sentiment tool is indicating a risk off tone in the markets

Bitcoin

Bitcoin has retraced much of the rally from $43.8K. It is finding resistance at $45K. We anticipated the selloff due to the fact that the rally was quite weak, largely driven by retail investors. It should find support at $43.8K, but if not, $43.1K is the next technical level of support. The Kovach OBV (blue indicator) is quite bearish, but may be starting to reflect that BTC is oversold. If this is the case, we can expect support at these levels.

Bitcoin

Technical weakness pervades bitcoin. It has almost fully retraced the rally from the end of last week.

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Daniel Kovach

Daniel Kovach graduated from Florida Institute of Technology with a Master’s degree in Applied Mathematics and two Bachelor of Science degrees in Math and Physics. He began his career as a NASA Analyst through his MS program at FIT. Subsequently, he worked as a Machine Learning Specialist at Raytheon, and helped design their corporate firewall, ‘Rayshield’ as well as actively contributing to many other R&D projects. He has also served as a consultant to many companies including LiveTV, Palo Alto Networks, among others. Academic research has been a focus of his career since 2006, and he has spoken all over the world at conferences in Greece, India, Hungary and more, most notably for his contributions to Non-Archimedean Number Theory, Machine Learning, Cyber Security. His biggest contribution is the ‘Computational Theory of Intelligence’. He currently works as a Senior Data Scientist at Citibank, creating and implementing data solutions with C-level visibility.