SPX: -4% Dip and Bounce. Is the Pullback Over?
Support and Resistance Levels for Next Week: SPX, ETFs, Futures, Mag Seven, Crypto and more Megacaps.
Last week’s Setups Blueprint delivered exceptional results, it presented seven setups with the highest probability of success:
AAPL: My blueprint anticipated a decline to an extended target of 297 (-3.1%). It extended further, hitting its 3rd support at 290 for a weekly move of -5.3% 🎯.
SPX: Targeted a -1.2% decline to 7,294. This acted as the support zone where the price bounced on both Wednesday and Thursday 🎯.
MSFT: I expected a decline to 398.6 (-4.3%). The actual move went deeper to -6.3%, exceeding our bearish expectations 🎯.
GLD: Targeted an extended bearish level of 383.7 (-3.2%). It bottomed below at 371 (-6.2%), hitting a weekly level we modeled and posted a week ago 🎯.
VXX: My technical set anticipated a bounce to 26.1, with an extended target of 27. The exact top of the week was 27 (+7.2%) 🎯, marking another great hit.
AVGO: Targeted 349. The weekly low was 370 (-4.1%). Profitable ✅, and directionally correct.
BRK.B: Expected a move to 496.8 (+1.8%). Price action remained constructive above the central weekly level 👍.
All seven setups were directionally correct, with five hitting their exact targets, one still very profitable, and one still in progress. 6 out of 7 correct for a 85% success rate with a 5% average gain.
The Setups Blueprint includes targets and invalidation levels for all the securities in our watchlist. While I handpick the ones with the best technical conditions to reach their targets, paid subscribers who want to follow specific securities like QQQ, IWM, AMZN, TSLA, NVDA or others, they will always find them analyzed with precise price targets and clear bullish or bearish conditions.
For example, these setups were also included in the Setups Blueprint from last weekend:
LLY: Target of 1181 (+4.4%) caught the exact top of the week 🎯.
JPM: Target of 319 (+2.4%) was met perfectly today 🎯.
AMZN: I forecasted a -2.9% drop to 239; the actual move reached -3.04% 🎯.
META: The bearish target of 569.8 (-3.9%) was exceeded moving -4.39% 🎯.
Securities Covered Every Week:
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
The Weekly Support and Resistance levels are modeled every Friday for you, providing the information needed to assess risk/reward before the market opens on Monday. You don’t have to wait for the opening bell to decide your plan and which securities to trade; you have here the distances to essential levels and the setups suggesting whether they will act as support or resistance well in advance, so you make informed and serene decisions ahead of Monday morning. Unlock this golden tool by subscribing to the paid plan.
As for the S&P 500, today’s move was constructive. However, the key resistance zone mentioned last night to our premium community was not recovered, the updated levels to consider a validation to bullish momentum are below.