When Bad News is Good News
Market Rallied on Jobs Data: Updated Levels for Indices, Megacaps, ETFs, and Crypto
Wall Street wrapped up a highly volatile but net-positive week. The market navigated massive tech earnings, fluctuating energy commodities, and a major labor market surprise to push key benchmarks back toward record levels.
The defining economic event occurred on Friday morning when the Bureau of Labor Statistics reported that the U.S. economy unexpectedly lost 23,000 jobs in July, drastically missing expectations of an 83,000 gain. Revisions also shaved another 103,000 jobs off prior months. While this signaled a clear cooling in the labor market under the weight of regional energy strains, equity investors cheered the data. The weak payroll expansion sharply lowered the probability of an upcoming Federal Reserve interest rate hike, causing the 10-year Treasury note yield to slide to 4.63%.
High-Probability Setup Performance
On the corporate side, several bullish events unfolded throughout the week:
PLTR: Delivered as one of our high-probability bullish setups 🎯, gaining 39% following a strong earnings report detailed in my Monday’s daily note.
SPCX: Advanced 22% during the week. Subscribers were alerted to a breakout earlier 🎯, reinforced in yesterday’s note highlighting its bullish conviction candle. By providing the key bullish-above-level at 111.9 alongside support-and-resistance combinations to navigate the bounce, the stock recovered its central monthly level, marking a structural change.
TSLA: Hit our extended target of 328 for a 5.4% gain 🎯.
META: Bounced as expected, completing a 6.3% move 🎯.
GOOG: Reached its extended target of 381 for a 6.9% gain 🎯 on Tuesday before reversing precisely from that modeled zone.
GLD: Remained bullish as anticipated, surpassing its extended target of 388 🎯 to notch a 7.3% weekly gain.
MSFT: Hit our bullish target of 491, securing a 5.8% move 🎯.
AAPL: Its weak setup did not trigger the expected decline. While the central weekly level (CWL) was not recovered, the setup remains valid as of today.
6 out of 7 setups were accurate, with the average gain at 11%
The Power of Disciplined Technical Analysis
All of the bullish setups proved correct, delivering major gains backed by disciplined, neutral technical analysis and modeled support and resistance levels. Every single price level mentioned above was calculated last Friday in advance for this week, proving once again that institutional algorithms react directly to these zones, see the exact reversal point on GOOG or the weekly close on TSLA.
These levels are modeled every Friday to provide the exact data needed to assess risk and reward before the market opens on Monday. You never have to wait for the opening bell to build your trading plan. You gain precise distances to essential levels and clear setups indicating whether they will act as support or resistance well in advance, empowering you to make informed, calm decisions ahead of Monday morning.
Unlock the updated levels for next week modeled for this core watchlist:
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
As a paid subscriber, you receive three core publications every week:
Friday: Weekly and monthly levels updated.
Saturday: Detailed charts and elaborated high-probability setups.
Wednesday: Market intelligence, last Wednesday I posted educational content about combining indicators with S/R Levels.
In addition, you get DAILY UPDATES providing daily SPX levels for the day ahead and key events to watch. For example, last Monday I alerted subscribers to the bearish reversal on AMZN, last Wednesday I reinforced the bullish setup forming for GLD and AVGO, and last night I highlighted the bullish setup for SPCX.
Next week, I will provide daily updates on SPX as usual, plus SPCX and all the magnificent seven. Subscribe! One setup pays for the whole subscription.
Let’s begin.
WEEKLY LEVELS
Most securities have gained bullish momentum, as reflected by the highlighted column in the right-hand table (green = bullish conditions, red = bearish conditions). Next week, I will track the Magnificent Seven on a daily basis, given that two of them have lost key levels while another two are likely to consolidate.
SPCX and PLTR have a solid safety cushion, as demonstrated by our analysis showing the percentage distance to their central weekly levels (CWL):