Wild Week: SPX Bounces from Key Levels
S / R Levels for Mar 3 - 7 and for the complete month of MARCH
The weekly turbulence in the stock market was not a surprise, I warned about it on the latest Weekly Compass click here, and part of the SPX analysis included this analysis and chart:
SPX: The setup is bearish despite reaching the 50-day moving average on the daily chart. The likelihood of further downside is significant. This is due to the weekly bearish RSI divergence, the bearish stochastic crossover at overbought levels, and the bearish engulfing pattern of the weekly candle itself.
For new subscribers, the false bull flag was anticipated last week in the previous Weekly Compass from February 14th.
CHART PRESENTED DURING THE LAST END OF THE WEEK:
The bearish crossover in the oscillator and the divergence line for the RSI both warned correctly the bearishness upcoming, and some other indicators and levels were explained in the publication. Upgrade your subscription to access the complete analysis updated with many more charts, and a special (additional) analyses that are a must read considering the end of the month.
If you trade any of the following securities, this update is essential: SPX, NDX, DJI, ES=F, NQ=F, SPY, QQQ, IWM, DIA, SMH, TLT, TQQQ, SQQQ, UPRO, SPXS, UDOW, SDOW, URTY, SRTY, NVDA, META, MSFT, AMZN, GOOG, AAPL, TSLA, NFLX, COST, MSTR, PLTR, AMD, GLD, SLV, BITCOIN, ETHEREUM.
Gain access to critical support and resistance levels for those securities in the coming week AND MONTH; a crucial resource, especially given the bounce in SPX and NDX from monthly supports ($5,833.2 and $20,695.8 respectively). The central monthly level will be key for this bounce.