S/R Levels - May 20th - 24th
Plan ahead your trades using seven levels to read better price action in every timeframe. Securities included: SPX, NDX, DJI, SPX, QQQ, IWM, ES=F, NQ=F, NVDA, TSLA, AAPL, Oil, Silver, GDX, and more!
Oscillators, Bollinger Bands, Moving Averages, Volume Profile and many technical indicators help to read price action and decipher probabilities for trend direction and trend reversals.
Using Support and Resistance levels is essential to anticipate confirmations that most technicals would provide at a slower velocity.
During the recent weeks AAPL, GOOG, AMZN, TSLA and even SPX have left gaps open while jumping above Bollinger Bands, which usually indicates a reversal.
This week, the following S/R levels shared last week helped us to avoid a short position or a premature sell because price action actually moved up.
Crossing a Level is a signal that has to be read with price action and volume, in the same way NOT crossing a level is a signal, and that’s exactly what happened during the week as follows:
SPX opened the week above $5201 and in addition, stayed above $5215
QQQ opened the week above $440.9 and in addition, stayed above $443.7 after crossing that line with a solid daily candle on Tuesday.
AAPL opened the week way above $182.7 and since Monday $184.9 was conquered, setting that level as support for the rest of the week.
TSLA lost temporarily $174.5, dancing around that level before breaking out at that level, and $173.6 is the key support to watch.
So S/R levels protect you of any fake signal, remember the educational content that has been published for that matter:
That said, let’s study the levels for the upcoming week, remember: Bullish above the values in the blue column, that has been the main protection of any bearish consideration during the last two weeks.
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SPX, NDX, DJI, SPY, QQQ, IWM, ES_F, NQ_F, NVDA, META, MSFT, AMZN, GOOG, AAPL, TSLA, GDX, Silver, Oil, DAX, STOXX, and NIFTY.
Last but not least, remember that technicals suggested a bearish move for GDX that was proven true for two weeks, however, that was invalidated. Using the $35.3 S/R level published since the beginning of the month, and using the central “blue” level $34.9 invalidated immediately since Monday the bearish case.
I analyze 20 securities, the rate of accuracy is high not only for SPX but for most of them, and when technicals are invalidated, the central (blue) column of values is my insurance or validation zone for every single thesis. This is a golden tool.
Weekly S/R Levels: