This weekend's update was supposed to be a mini white paper on Bitcoin. In fact it is 90% done, but its publication will have to wait. Instead, it is imperative that we take a look at the big picture because price patterns in the Dow and Nasdaq are turning as red as they can be before a major change in trend. First, a single bar chart of the Dow that is sufficiently bearish in and of itself. One weekly bar makes a new high, then closes lower on the week, on the low of the week. That's it. Game over. Deep dive. Bear market. These two charts, one above and one below, carry the same message, only in the Nasdaq 100 index. The trend regression channel up from the March 2020 Covid Panic Lows has been broken, with Nasdaq closing below the channel on Friday. Only a close back inside this channel can quell that bearishness and then only for so long as price remains in the channel. If Nasdaq instead continues lower, that's it, game over, deep dive, bear market. Monday becomes a critical day, and next week is even more critical. PLTR Our stock of the year ran from single digits after its IPO to $45 and now is back in the mid-20's. The decline lst week is being blamed on the end of a lock-up period where original investors can begin to exit their dirt cheap options and shares. Our prior stock of the year, TSLA, ran from $350 to $969 and then back to $350 at the March 2020 covid lows. We know what happened next, pre-split $4,000. If PLTR is a deja vu, that means $45 is not the high, that is still to come. The only caveat is that a major trend reversal could affect how quickly a new high is reached. As with Bitcoin, PLTR is a long-term Buy & Hold. Speaking of which, the white paper is coming, and it will be worth the wait.
