Bitcoin fought hard to stay around the 30K level on Friday but fell just below that level as the stock market closed on Friday, trading in the 29K range. Unfortunately, it was also unable to escape the crypto bears grip this week, trading as low as 25,401.05, and will end up having its sixth straight week of declines, a record run. The last time it traded this low was in December of 2020.
As for stocks, the market rebounded Friday after suffering heavy losses on the week, with the DOW rising 466.36 points to 32,196.66, or +1.47%. The S&P 500 gained +2.39% to close at 4,023.89, and the NASDAQ jumped +3.82% to end the week at 11,805.00.
However, the damage had been done, with the DOW suffering a loss of -2.14% and posting its first seven-week losing streak since 2001. Likewise, the S&P 500 fell by -2.41% and hit its longest weekly losing streak since 2011, standing at six weeks, while the NASDAQ slipped by -2.80%, also its sixth straight weekly loss.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 4,308.45
- Dow (INDEX:DJI): 34,117.74
- NASDAQ (NASDAQ:COMP): 13,011.45
- U.S. Dollar (ICE:DX): 101.04
- Gold (NYMEX:GC.J22): 1,858.60
- Crude Oil (NYMEX:CL.K22): 104.21
- Bitcoin (BITCOIN:BITSTAMPUSD): 40,800.00
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
