Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.</li>
<li>We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.</li>
<li>We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).</li>
</ul>


Outlook remains bullish following the SPX multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher.
We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670.
We believe there will be a strong end-of-year rally that will extend into the early part of 2025 due to bullish end-of-year seasonal tendencies during up years (SPX +22.1% YTD).


Downgrading Health Care $XLV to Underweight; Bullish Outlook Intact $SPX; Bitcoin Breaking Out

Co Founder & Head of Engineering and Trading, HarmoniQ Insights

Christopher Rosa

Co Founder & Head of Engineering and Trading

HarmoniQ Insights

At HarmoniQ Insights, we empower investors to enhance their investment strategies by integrating cutting-edge quantitative research processes and technologies. Our solutions provide access to leading quantitative data providers and services, tailored to align with each client’s unique goals. By bridging the gap between traditional investment approaches and advanced data-driven methods, we help clients gain a competitive edge through innovation in both process and technology.

Crypto

<ul>
<li>Blockchain technology provides decentralized, transparent, and immutable digital ledgers, revolutionizing how transactions and data are managed without reliance on centralized authorities or intermediaries.</li>
<li>Tokens enable participation in blockchain ecosystems by providing access to services, governance rights, or value transfers, playing a key role in incentivizing user engagement and network growth.</li>
<li>Foundations and companies shape the development of blockchain projects, issuing tokens to fund innovation, promote decentralization, and drive community-driven governance, supporting the evolution of Web3 technologies.</li>
</ul>


Blockchain technology provides decentralized, transparent, and immutable digital ledgers, revolutionizing how transactions and data are managed without reliance on centralized authorities or intermediaries.
Tokens enable participation in blockchain ecosystems by providing access to services, governance rights, or value transfers, playing a key role in incentivizing user engagement and network growth.
Foundations and companies shape the development of blockchain projects, issuing tokens to fund innovation, promote decentralization, and drive community-driven governance, supporting the evolution of Web3 technologies.


Digital Asset Primer: Part 2 - Foundations, Companies, and Tokens: Strategic Insights for Investors

Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul><li>A new all-time high for Bitcoin is within reach, which aligns with the strength we anticipated in last week’s Crypto Crisp.</li><li>As we have repeatedly emphasized, this quarter is primed for significant price growth due to a convergence of favorable factors.</li><li>These include increased U.S. Dollar liquidity, strong seasonal trends, Chinese economic stimulus, and the post-fourth Bitcoin halving phase, which has historically led to substantial returns.</li></ul>

A new all-time high for Bitcoin is within reach, which aligns with the strength we anticipated in last week’s Crypto Crisp.As we have repeatedly emphasized, this quarter is primed for significant price growth due to a convergence of favorable factors.These include increased U.S. Dollar liquidity, strong seasonal trends, Chinese economic stimulus, and the post-fourth Bitcoin halving phase, which has historically led to substantial returns.

Crypto Crisp: Excessive Futures Open Interest

<ul><li>The crypto market showed some encouraging signs over the weekend, despite Coinbase showing a significant discount on its Bitcoin and Ethereum prices.</li><li>This suggests that Coinbase users are net sellers, possibly due to concerns about the 69,330 bitcoins seized by the U.S. government in connection with the Silk Road case.</li><li>However, we believe it is very unlikely that the government will liquidate these bitcoins anytime soon.</li></ul>

The crypto market showed some encouraging signs over the weekend, despite Coinbase showing a significant discount on its Bitcoin and Ethereum prices.This suggests that Coinbase users are net sellers, possibly due to concerns about the 69,330 bitcoins seized by the U.S. government in connection with the Silk Road case.However, we believe it is very unlikely that the government will liquidate these bitcoins anytime soon.

<ul><li>On August 27, the decentralized autonomous organization (DAO) Maker, known for managing the world’s largest partially decentralized stablecoin, Dai, announced that it would rebrand to Sky on September 18.</li><li>Starting on that date, Dai stablecoin holders gained the ability to convert their Dai 1-to-1 into Sky Dollar (USDS), the new stablecoin of the Sky ecosystem.</li><li>This shift is part of Maker’s “Endgame” roadmap—a vision that co-founder Rune Christensen has been developing for years.</li></ul>

On August 27, the decentralized autonomous organization (DAO) Maker, known for managing the world’s largest partially decentralized stablecoin, Dai, announced that it would rebrand to Sky on September 18.Starting on that date, Dai stablecoin holders gained the ability to convert their Dai 1-to-1 into Sky Dollar (USDS), the new stablecoin of the Sky ecosystem.This shift is part of Maker’s “Endgame” roadmap—a vision that co-founder Rune Christensen has been developing for years.

Crypto Moves #47 – Maker, or now, Sky, Sacrifices Profit for Growth

United States

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

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Digital Asset Primer: Part 2 - Foundations, Companies, and Tokens: Strategic Insights for Investors

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The crypto market showed some encouraging signs over the weekend, despite Coinbase showing a significant discount on its Bitcoin and Ethereum...

Steno Research

Crypto Moves #47 – Maker, or now, Sky, Sacrifices Profit for Growth

On August 27, the decentralized autonomous organization (DAO) Maker, known for managing the world’s largest partially decentralized stablecoin,...

Steno Research

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