S / R Levels Feb 24 - 28
35 securities including the US Indices, ETFs, Crypto, Mag 7 stocks and more - Be prepared for increased volatility.
Today’s selloff is not a surprise, I warned about it on Wednesday, in the latest market update, including the following consideration for the Volatility Index:
The VIX daily chart reinforces the need for caution regarding recent SPX price action. Indecisive candles, a Bollinger Band squeeze (suggesting a significant upcoming move), and the oscillator entering oversold territory all increase the likelihood of a VIX bounce. A breach of the 16 level on the VIX could trigger a pullback in the SPX. Therefore, it's a crucial level to monitor, as it represents a key, often overlooked warning sign in the market. This is an important consideration for the long-term outlook discussed below…
This was the chart on Wednesday afternoon for premium subscribers:
This is the chart today, with the VIX 18% higher:
Regarding support and resistance levels, the SPX bearish target of $6035 was breached, suggesting further downside (or $601.8 for SPY). The QQQ bearish target of $527.1, while not yet decisively closed below, was also penetrated, and price action indicates strong downward momentum.
If you trade any of the following securities, this update is essential: SPX, NDX, DJI, ES=F, NQ=F, SPY, QQQ, IWM, DIA, SMH, TLT, TQQQ, SQQQ, UPRO, SPXS, UDOW, SDOW, URTY, SRTY, NVDA, META, MSFT, AMZN, GOOG, AAPL, TSLA, NFLX, COST, MSTR, PLTR, AMD, GLD, SLV, BITCOIN, ETHEREUM.
Gain access to critical support and resistance levels for the coming week—a crucial resource, especially given the bearish technical formations developing on longer timeframes, as discussed as a possibility in last Wednesday's market update.
Expecting a third consecutive year with more than a 20% gain may be extremely risky, the following levels help you out to measure price action, don’t be surprise if IWM continues to $214, SMH to $246, NVDA to $131, AMD to $108; and even lower levels that have demonstrated accuracy every week. If there is a bounce, there is also a key level to set for validation.
A double-digit percentage change is anticipated for PLTR, unlock essential information, price found temporary support at $99.7; which was a support level shared last Friday.
WEEKLY S/R LEVELS FOR FEB 24-28: