Markets Chopping but Holding Key Areas -- Chart
Approaching the S&P, Nasdaq, Russell, oil, TSLA and AAPL.
Technical Edge —
NYSE Breadth: 47.3% Upside Volume
NASDAQ Breadth: 43.7% Upside Volume
One word to describe the recent action: Stalling.
After a powerful push to the upside, we’re finally seeing the markets chop a bit. That’s actually healthy price action — we need a rest in the market in order for it to continue higher.
That said, there are still a lot of problems out there…inflation, gas prices, geopolitical turmoil, etc.
Game Plan
As far as I’m concerned, the big-picture concerns still linger. However, the short-term momentum belongs with the bulls until key support levels fail again.
S&P 500 — ES
Feel free to extrapolate the below levels to the SPY
The ES continues to struggle with last week’s high near 4466 and the 200-day. However, the key zone on the downside is being held and that’s the ~4400 level.
A highly relevant level earlier this month, it’s also where the rising 10-day and declining 50-day come into play. If we break yesterday’s low and can’t reclaim it, this is the area I’ll be watching.
On the upside, we have back-to-back highs at ~4515. A break above this level that doesn’t reverse puts 4440 in play, then potentially 4480 — two main levels from this week’s video.
Nasdaq, Russell, Oil, TSLA, AAPL & Trade Updates
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Economic Outlook
