Monthly levels set the structural tone for bullish or bearish momentum in an index or stock, while also serving as major boundaries that frame price action.
For example, NVDA traded during June between 233 and 191, which marked the resistance and support boundaries around the Central Monthly Level (CML) of 214. Once the CML was breached on June 5th, it validated a bearish momentum flip. A similar pattern played out with the SPX: once it lost its CML on June 5th, price found support at 7,302. What makes today’s price action interesting is the recovery back to 7,451, which is the Central Monthly Level for the month ending.
Below are the monthly levels for July. The recent bounce has been productive, the high volume highlighted in the Weekly Compass is being confirmed as a bullish signal, the SPX recovered 7,392 as indicated in the Saturday blueprint, reaching 7,491 as the primary target for the bounce 🎯.
Our Core Watchlist
The monthly levels are analyzed for these securities, if you invest in some of them, or are interested in a constant watchlist of megacaps and assets with high daily volume, this publication is for you:
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, SPCX, 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
Unlock this valuable information to assess momentum, targets, and risks.
Daily levels for the SPX are below as well.
Remember, SpaceX (SPCX) is not part of the monthly and weekly levels.
MONTHLY LEVELS - Is the SPX out of the woods?
The response is below, also for the NDX, QQQ, SPY, all the magnificent seven, crypto and major megacaps and ETFs.