S / R Levels July 29th - August 2nd

The central level was breached last week, and there was continuation these days. This golden tool works to plan ahead and manage risk.

Overheated technicals are finally cooling down

The volatility spiked during the week, trading psychology was tested as anticipated, having a clear strategy and objective is key; these S/R levels are useful for the week ahead.

The inverted hammer seen yesterday for SPX was validated today, that makes total sense considering the following chart:

VIX

The daily candle suggested yesterday a decline for the volatility index today, and a subsequent bounce for SPX. The question is: will the bounce continue? More references to consider will be published in the Weekly Compass. Subscribe!

Based on the following table, DJI has to stay next week above $40,383, and so one for the following equities based on the blue column of the weekly levels.

Weekly S/R Levels