Good morning everyone,
A very important week is starting. The anticipated bearish setup for the SPX materialized last week with a decline in the index. This week, we have Nvidia earnings, a major event that will shake semiconductors and most likely the market in general. Over the weekend, we studied the setups for SMH, NVDA, and AVGO, with notes on Micron (MU) in the Weekly Compass (and many more megacaps), adding price levels where algorithms are likely to react. Just as we saw recently with NVDA finding rejection at 226 in mid August or SMH at 600 last week, both levels were modeled in advance of price action.
Having a specific watchlist covering different sectors and assets (always with high market cap) provides a broad market vision. Just as I anticipated a decline in the SPX 10 days ago, I had previously posted about bounces in Gold, Tesla, and Netflix, and commented on the 4-year Bitcoin cycle. All four of those securities have rallied double digits since the end of July and beginning of August when I published them 🎯.
The key reads for this week are:
Weekly Compass, featuring charts and setups with price targets for the week:
Weekly and monthly support and resistance levels for this week:
The Weekly Compass and the support and resistance levels cover this watchlist:
→ Indices & Futures: SPX, NDX, DJI, IWM, ES=F, NQ=F
→ ETFs: SPY, QQQ, SMH, TLT, GLD, SLV, DIA, VXX
→ Major Stocks: AAPL, MSFT, GOOG, AMZN, NVDA, META, TSLA, BRK.B, LLY, WMT, AVGO, COST, JPM, XOM, PLTR, NFLX, V, AMD
→ Crypto & Related: Bitcoin, Ethereum, ETHA, IBIT
→ Leveraged ETFs: TQQQ, SQQQ, UDOW, SDOW, UPRO, SPXS, URTY, SRTY
If you trade some of those securities, this publication is for you.
The next key read is the special assessment on Gold and Silver posted last Wednesday.
Following that, you will find the personalized weekly support and resistance levels for the securities suggested by paid subscribers in the Customized Levels site:
When you subscribe to the paid plan, you also get access to the Market Intelligence library, where my two eBooks on technical analysis are available for download for paid subscribers.
As a premium subscriber, you also receive daily levels for the SPX and ES=F every day after the market closes so you can plan ahead. For today, the SPX is bearish below the key daily level of 7677.2 (not too far from Friday’s close), aiming at 7657.3 and 7640.1. If the key daily level is recovered, 7694.3 and 7714.2 can set resistance for the index. All of this operates within the broader context of the weekly and monthly levels available in the publications above.
See you this afternoon with the daily SPX and ES=F levels for tomorrow. This week, we will actively track semiconductors, adding NVDA, MU, SMH, and AMD to the daily report. Subscribe!
Have a good day.
This is how you navigate SmartReversals content
For Paid Subscribers:
1. Fridays → Support and Resistance Levels for the Week Ahead: For the latest edition: click here.
2. Saturdays → Weekly Compass and Setups Blueprint: For the latest Compass: click here.
3. Sundays → Customized Levels from the Premium Chat: For this week’s customized levels: click here.
4. Wednesdays → Market Intelligence For studies and educational content: click here. For fundamental analyses: click here.
For Founding Members:
A. Daily Levels and Market Analysis
B. Customized Monthly Levels
C. Weekly SmartScreener Results
→ All of this is updated in one place: the Founding Members Exchange Hub.