Today’s move in the SPX validated the bullish price action formed last week after bouncing from 7,513 as our extended bearish target. The price consolidated with conviction above the modeled central level of 7,605 that validates momentum (bullish above, bearish below). Today we’ll examine the context, since the price reached our extended bullish target in a single day while the SPX gained 1.5% and the VIX stayed neutral.
In my latest publication, I highlighted how valid it was to stay bullish with NDX/QQQ, GOOG, Bitcoin/IBIT, Ethereum/ETHA, and other securities. The rally today validates the bullish considerations posted.
I also highlighted high probability bullish setups with high probability of reaching their targets. Among them, I posted NVDA targeting 227 (+2.3%), which was reached today with accuracy 🎯; AMD targeting 586 and 612, with price reaching the second target with precision (+9.5% 🎯); TSLA at 374 (+2.6%), also reached today 🎯; and NFLX targeting $74.3, a level neared today.
In case you missed it, the Weekly Compass posted on Saturday is here:
Today I cover the considerations for today’s rally and the rapid advance toward bullish targets in a single session, on the very first trading day of the week. Get access to this analysis and unlock all premium content by subscribing to our paid plan.
Today’s Agenda
Post-Rally Watchouts: Monitoring the Current SPX Price Structure
Daily plan for SPX, ES=F.
Daily and Weekly Levels Combined for SPX, ES=F, NVDA, META, GOOG, AMZN, AAPL, and TSLA
Watchlist Tracker
Let’s begin.
Monitoring the Current SPX Price Structure
There are two ways to analyze today’s price action: the first considers only the surface price, while the second seeks underlying conditions that demand careful watching and correct risk management using momentum levels.
First view: