In yesterday’s market update, I highlighted the confluence zone at 7,411.9 for the S&P 500, a daily level I flagged to paid subscribers anticipating a potential bull trap following the after-hours rally sparked by Micron’s earnings. SPX’s high today reached 7,419 🎯, validating the relevance of that resistance zone.
For QQQ, I flagged 724.9 as a critical level; today’s high of 726.8 🎯 confirmed the sentiment shift and showed resistance holding stronger than support lines. SMH presented a similar case, I noted 646.6 as crucial for momentum confirmation, but the zone became resistance instead, with price topping at 650.
My approach layers technical indicators to identify direction and reversals with modeled support and resistance levels to set targets and anticipate reversal zones. I also highlighted bearish setups for both AAPL and AMZN, with full technical context; both stocks cratered today 🎯. Upgrade to the paid plan. Premium subscribers saw the risk in chasing this rally.
This update covers the key levels for SPX tomorrow and the Magnificent Seven. But first, there’s a chart you need to see before the week closes. If this formation holds through tomorrow’s 3:30 PM close, you’ll have the clarity you need to position for next week.
Major Index Signals Risk Aversion
This is not a breadth analysis, a seasonal statistic, this is pure price action, and price is primal: