The SPX failed to hold above $6,392 today the key level mentioned in the Weekly Compass, and losing that level opened the door for a decline to the next daily support at $6,331. Despite this, oversold conditions remain extremely overstretched, with price sitting below the Bollinger Bands in several timeframes, suggesting a spike could occur at any moment.
It is worth noting that the VIX declined today even as indices closed in the red; this divergence often serves as an early warning of an imminent squeeze. In high-volatility environments, our daily levels are essential for navigating these wide weekly ranges. The VIX closed today at 30.
From the securities posted in this morning’s chat, META successfully reclaimed $529, setting the stage for a potential recovery. Looking toward tomorrow, the SPX has a gap at $6,473.8 (which should act as a magnet), and the QQQ has one at $573.8. Use the levels below to establish your bias for the final trading day of March.
The Daily Levels consistently analyzes the following securities:
SPX & ETFs: SPX, SPY, QQQ, SMH, TLT, GLD, SLV, DIA, VXX
Major Stocks: AAPL, MSFT, GOOG, AMZN, NVDA, META, TSLA, LLY, WMT, AVGO, COST, JPM, XOM, PLTR, NFLX, V, AMD
Crypto & Related: ETHA, IBIT
Leveraged ETFs: TQQQ, SQQQ, UDOW, SDOW, UPRO, SPXS, URTY, SRTY
Sectors: XLC, XLF, XLE, XLK, XLY, XLI, XLB, XLRE, XLP, XLV, XLU
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DAILY LEVELS COMBINED