Recap
Last week ended with significant selling, the most we've seen since the bull market began nearly a year ago. The selling was anticipated due to a breakdown of a triangle pattern after the FOMC last Wednesday. We experienced four consecutive red days, a rarity, with the largest red day since March 2023 occurring last Thursday.
Market Gauge
🔴 Bearish
The Markets Overnight
🌏 Asia: Down
🌍 Europe: Down
🌎 US Index Futures: Down
🛢 Crude Oil: Down
💵 Dollar: Down slightly
🧐 Yields: Down
🔮 Crypto: Down slightly
World News
Asian stocks lower on more problems in China’s property developers.
Key Structures
The primary pattern remains the large, multi-month triangle, which we broke down last Wednesday. Bulls need to reclaim this triangle at 4483 to set a sustained bottom. Below there, 4418 is key, with clearance triggering back to 4470+. The 4377-83 trendline, connecting the major swing lows of June 26th and August, is also important to watch. The single most important support level below price right now is 4336, a very significant level. Its defense is crucial for the broader bull market.
Support Levels
Supports are: 4366 (major), 4353 (major), 4341, 4335 (major), 4322, 4315-13 (major), 4297, 4290 (major), 4280, 4268, 4253 (major), 4232-37 (major), 4212, 4205, 4190 (major), 4175, 4165 (major), 4150.
Resistance Levels
Resistances are: 4377, 4383 (major), 4393, 4400, 4415-4418 (major), 4431, 4439, 4449, 4460-65 (major), 4477, 4484 (major), 4496 (major), 4507, 4523 (major), 4531, 4539 (major).
Trading Plan
The bull case today would see a base build in the 4353-4383 zone, then a push higher. The push would be level to level, targeting 4393, then heading up to 4415-18. The bear case starts on the fail of 4335. A higher risk short is at 4353.
Wrap Up
If 4353 fails, we retest 4335, which is a must hold — if that fails, we fall to 4322, then 4313-15.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision
Last week ended with significant selling, the most we've seen since the bull market began nearly a year ago. The selling was anticipated due to a breakdown of a triangle pattern after the FOMC last Wednesday. We experienced four consecutive red days, a rarity, with the largest red day since March 2023 occurring last Thursday.
Market Gauge
🔴 Bearish
The Markets Overnight
🌏 Asia: Down
🌍 Europe: Down
🌎 US Index Futures: Down
🛢 Crude Oil: Down
💵 Dollar: Down slightly
🧐 Yields: Down
🔮 Crypto: Down slightly
World News
Asian stocks lower on more problems in China’s property developers.
Key Structures
The primary pattern remains the large, multi-month triangle, which we broke down last Wednesday. Bulls need to reclaim this triangle at 4483 to set a sustained bottom. Below there, 4418 is key, with clearance triggering back to 4470+. The 4377-83 trendline, connecting the major swing lows of June 26th and August, is also important to watch. The single most important support level below price right now is 4336, a very significant level. Its defense is crucial for the broader bull market.
Support Levels
Supports are: 4366 (major), 4353 (major), 4341, 4335 (major), 4322, 4315-13 (major), 4297, 4290 (major), 4280, 4268, 4253 (major), 4232-37 (major), 4212, 4205, 4190 (major), 4175, 4165 (major), 4150.
Resistance Levels
Resistances are: 4377, 4383 (major), 4393, 4400, 4415-4418 (major), 4431, 4439, 4449, 4460-65 (major), 4477, 4484 (major), 4496 (major), 4507, 4523 (major), 4531, 4539 (major).
Trading Plan
The bull case today would see a base build in the 4353-4383 zone, then a push higher. The push would be level to level, targeting 4393, then heading up to 4415-18. The bear case starts on the fail of 4335. A higher risk short is at 4353.
Wrap Up
If 4353 fails, we retest 4335, which is a must hold — if that fails, we fall to 4322, then 4313-15.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.