Bitcoin & Ethereum New 52-week Highs

JC Parets
July 4, 2023

More and more "things" keep making new highs.

This is the sort of thing that happens in bull markets.

You can see Ethereum and Bitcoin both finding support the past year near former resistance levels from the highs in its prior cycle at the end of 2017:

The trades we've put on in the Bitcoin mining companies, like $MARA, are working out nicely.

But what are the larger, more macro, implications of higher prices for risk assets?

Generally speaking, for me, it's just further and further evidence of breadth expansion.

The Nasdaq, for example, is off to its best start to a year EVER:

And it's not just 5 stocks driving the market higher.

Think about it, do those 5 stocks also trade on the exchanges in India?

New all-time highs for India's NIFTY50 Index.

But that shouldn't be a surprise. We're seeing new highs all over.

Here's Walmart hitting new all-time highs:

McDonald's is hitting new all-time highs....

Apple, the world's largest company, is hitting new all-time highs:

Even JP Morgan is hitting new 52-week highs.

I was promised a banking crisis, maybe even a recession. But all I got was the most amount of new 52-week highs in years:

And despite any selling pressure in Energy, Exxon Mobil is still holding its breakout to new all-time highs:

Go down the list of the world's most important companies.

How are they doing?

Are they going higher or lower?

By my count, most are going higher. And the worst ones are not going lower.

Wednesday night I'll be sharing my favorite ways to profit from the current environment. We'll discuss both short-term and longer-term ideas, both stocks and ETFs.

Our July Monthly Charts LIVE Strategy Session will be held Wednesday 7/5/23 @ 6PM ET.

Premium Members can register here.

See you htere!

JC

 

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