Best stocks, crypto, and ETFs to watch

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Bitcoin crashed over the weekend, falling to a two-month low below 42,000 before rebounding above 49,000 ahead of the new trading week. The sell follows “risk reduction” of other volatile assets, as well as a flight to safety, as traders and investors speculate on the fallout from the Omicron variant. The senior cryptocurrency failed to break past April’s peak near 65,000 in November, with selling pressure since then increasing the odds of a long-term double-top reversal.

Speaking of risk reduction, the monster meme 2020 GameStop Inc. (GME) reports third quarter 2021 results after Wednesday’s closing bell, with analysts looking for a loss of $ 0.52 per share on $ 1.29 billion dollars of income. If reached, earnings per share (EPS) will mark a slight improvement over the loss of $ 0.53 in the same quarter last year. The options market could turn ballistic ahead of the report, with the most aggressive bearish bets of 2021 fueled by last week’s 23% drop from the same cousin AMC Entertainment Holdings Inc. (AMC).

Costco Wholesale Corp. (COST) defied gravity for most of 2021, posting a 40% return year-to-date. However, big box competitors Walmart Inc. (WMT) and Target Corp. (TGT) have been actively distributed for weeks, raising the odds of an aggressive news selling backlash after COST released its first quarter 2022 results on Thursday evening. Technical readings are deteriorating in the news, with weekly relative strength indicators approaching a strong sell signal.

The SPDR S&P 500 Trust (SPY) hit short-term support at the 50-day moving average and broke the September high at 454 in Wednesday’s session. The fund rebounded Thursday but gave up the majority of those gains on Friday, increasing the chances of a crash that could occur as early as Sunday night’s session. This breach may signal a further drop in the 200-day moving average to 428, which closely aligned with the October low.

Tesla Inc. (TSLA) also had a bad week, falling more than 6% as investors ditched high-growth stocks in favor of defensive plays. The massive sell-off also marked a delay in responding to a bearish tweet from CEO Elon Musk on Monday, in which he reiterated supply chain issues and warned “I will provide an updated product roadmap upon release. next call for results “. The decline has the potential to complete an Adam and Eve double top, with critical support just below the psychological 1,000 level.

Keep up to date with the latest price actions with our new ETF performance breakdown.

Disclosure: The author has not held any position in the above titles at the time of publication.

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