Tech Stocks Dip While Bitcoin and Gold Reach New Highs

Stock Market Update Monday December 4, 2023 Tech Stocks Dip While Bitcoin and Gold Reach New Highs. Starting last night futures started the sell off and the indices faced downward pressure with the opening bell, with the Nasdaq experiencing a significant drop of 1.75% by midday. This downturn overshadowed Friday's gains, with big-tech stocks leading the decline amid concerns of insider selling. There's also been a noticeable rotation of money, moving from the Nasdaq 100 QQQ ETF to the Russell 2000 IWM ETF. Oil prices fell over 1%, and the VIX closed up by over 3% at 13.09. Despite this, seasonality remains positive, particularly in the days ahead, though we anticipate a brief sell December. Our strategy involves waiting for our algorithms to signal the optimal time to sell.

Cryptocurrency and Commodities Update Bitcoin experienced a significant upward movement, closing at the day's highs as indicated in our charts. Our premium members who have been long on Bitcoin since September 28, 2023, will find this particularly noteworthy.

In the commodities market, gold futures reached an all-time high of $2,146 but then faced a sharp sell-off, closing down over 2%. The future direction of gold seems to hinge on the performance of the gold miners, particularly the GDX ETF. If GDX closes below $30 on a weekly basis, it could indicate difficulties for gold prices in the near term. Additionally, GLD, the gold ETF, shows a triple top pattern. For GLD to break this level, we need to see bullish consolidation on a weekly basis.

BTCUSD Bitcoin / U.S. Dollar Chart Monday December 4, 2023

In today's premium stock charts, we're focusing on Meta, Nvidia, . A key aspect to note is the support price for each of these stocks. This price level is crucial, as a close below it may trigger a sell alert. It's important for investors to closely monitor these levels to make informed trading decisions. GDX which tracks gold miners can not close below 30 or the IH&S will be canceled.