Weakness in the SPX, SPCX is Following the Script
Daily levels for SPX and SPCX, plus key key trendline for TSLA and the Magnificent Seven
The market continues showing weakness, with the SPX declining while the volatility index jumped 3%. The Magnificent Seven remain under pressure. MSFT, one of the high-probability setups posted in the latest Weekly Compass, reached its bearish target in a clean move since the stock revisited Friday’s closing price at the open before initiating a -3% selloff to 367.9, our bearish target 🎯; the stock stayed below the invalidation level for the bearish setup studied.
AAPL, NVDA, META, GOOG, and AMZN were all under pressure. Only TSLA managed to close in the green; however, it continues to respect the broader bearish trend (chart below).
On SPCX: the stock is following the script of previous IPOs covered in the special edition published before the listing. It rallied more than 50% from $150 to $225, a level posted here ahead of time with the warning of a gap fill, the recent selloff is consistent with stocks that have seen similar or even smaller post-IPO surges.
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See below the daily levels for the SPX, including the references needed to recover bullish momentum, the TSLA chart with the key trend-line to watch (which is the same for the other magnificent seven, and the daily levels for SPCX.
SPX - Levels and Targets for Tomorrow
Before analyzing the common pattern for all the magnificent seven, this is the context for the index: