S / R Levels Nov 18th - 22nd
The market is in sell mode, these are the levels to conquer before considering any bounce reliable. 20 securities analyzed including SPY, QQQ, IWM, NVDA, GDX and more.
The market was due for a healthy pullback, price action was raising signs of consolidation since last Friday. These are the levels to recover before considering any potential bounce as valid.
The latest edition of the Weekly Compass anticipated many warning signs that were proven true:
IWM and TSLA breached their Bollinger ranges, their pullbacks are following the script analyzed in the charts last Saturday. There is a very high likelihood of bearish continuation for TSLA, even if Monday opens in the green; the weekly setup is a textbook example of a top.
GOOG as anticipated did not crossed the annual S/R resistance, and most important than all: SPX and NDX did not continue the rally as it was mentioned as a very likely scenario, they also broke their key supports.
The detailed charts were published in the latest Weekly Compass, and this is the time to revisit the latest edition of Monthly Charts, you will find the study of Shooting stars and other technicals that are very similar to previous major tops, you can click here to get access to these premium publications, The “shooting stars” alone are worth the subscription for this month, as it was the macro-economics edition in October. All of these publications are still valid today and for the near future.
The S/R Levels measure for next week the bounce needed to consider valid reversal setups for the following securities: SPX, NDX, DJI, SPY, QQQ, IWM, TLT, ES=F, NQ=F, NVDA, META, MSFT, AMZN, GOOG, AAPL, TSLA, GDX, and SILVER.
A +0.2% move on Monday would be not a bullish reversal (only for one it would be valid), on the contrary it would be bearish considering that the required threshold would not be covered.
Bitcoin and Ethereum are in a very different shape, but also for BTC, there is a script that was shared last weekend, and so far price action is following it.
The threshold varies per security, if you trade any of them, this information is for you.
Weekly Levels