Weekly Bounce as Technicals Favored
Stocks Rally to Close Thanksgiving Week—Key S/R Levels for the Month and Week Ahead
Last week, this publication, the Weekly Compass highlighted bullish signals suggesting a bounce, and on Wednesday, I posted an updated analysis on the current market stage. Both publications examined the critical importance of the 20 week average for this specific type of bull market and specific oversold indicators.
The indices delivered: SPX jumped 3.7% and QQQ gained 4.9%. Last Saturday, I specifically highlighted my high conviction bullish view on IWM, which rallied +5.6%. The Momentum Map also identified growth in WMT +4.9%, and signaled META which I have been mentioning that it will move like AAPL and TSLA did months ago, the stock jumped +9%.
The publications mentioned are here:
Upgrade your subscription so you don’t miss out on these opportunities.
Today’s publication provides Support and Resistance (S/R) levels for both next week and the full month of December. These levels are essential for assessing technical setups and the Momentum Map. For example: when a stock is in the oversold quadrant AND the technical setup suggest a bounce (like last week for META and others), the central weekly level acts as a simple validator: “bullish above” and “bearish below.” The subsequent levels then serve as actionable targets for both support and resistance.
The central weekly levels for the week that just ended were $661.8 for SPY, $594.9 for QQQ, $234.5 for IWM, $595.7 for META, $49.7 for IBIT (Bitcoin ETF). These lines successfully acted as support, thereby validating the technical signals for subscribers.
Stocks like AVGO, and TSLA recovered their central levels at $349.4 and $401.3 respectively. Last Saturday I mentioned that a green week for TSLA was possible, and that possibility is validated at the moment that the central weekly level is in support mode.
This publication consistently analyzes the following securities to provide a broad market perspective and empower your trading decisions:
Indices & Futures: SPX, NDX, DJI, IWM, ES=F, NQ=F
ETFs: SPY, QQQ, SMH, TLT, GLD, SLV, DIA, SH, PSQ
Major Stocks: AAPL, MSFT, GOOG, AMZN, NVDA, META, TSLA, BRK.B, LLY, WMT, AVGO, COST, JPM, PLTR, NFLX
Crypto & Related: Bitcoin, ETH, IBIT, MSTR
Leveraged ETFs: TQQQ, SQQQ, UDOW, SDOW, UPRO, SPXS, URTY, SRTY
When you are premium subscriber, you can suggest additional securities so their weekly levels are modeled and posted on Sundays.
Let’s see the central and monthly levels updated, with the market commentary: