The Bottom Line:
- Spy saw a nice push to the upside but faced resistance at 523, watch for potential dip to 518
- Triple Q shows a bearish divergence, look for support at 439 and resistance at 444
- Tesla is bearish, may drop below 167 with potential support at 166
- Nvidia in a downtrend, trading near 892 support with resistance at 900
- Apple ranging between 180-185 EMA, Meta at resistance 478 and support at 472
Spy Resilience and Potential Dip to 518
Spy Resilience and Potential Dip to 518
For spy we basically got this very very nice push to the upside pushing all the way up to about 521.222 area if we did end up breaking out and we came just under that hitting 522. com am Eastern Standard time we got the Michigan consumer sens report in the 5-year inflationary expectations so for the 5-year inflationary expectations it was 3.1% that is somewhat above expectations but not too bad and that’s kind of similar to what Jerome po was saying in his speech poell said that inflation for the longer term is more under control by the FED but for the short term they can’t make any promises and then after that we also got the inflationary expectations for May uh we got 3.5% that is actually a little bit above what the 4 for consensus happen to be so that’s actually very very important and something worth noting so that’s how things looked at least for the time being and we’ll have to see what else happens moving forward uh as a reminder now so with this data not being the best that’s why I kind of like spy rejected right here it’s also because of another Factor we have low volume spy’s volume has been declining I can actually show you that real quick so if you look at the volume that’s been declining quite a bit right over here you guys could see how it’s been just tipping and tipping and tipping and we actually got a low volume at about 43 million for spy so volume is declining uh we also hit some tight resistance on spy I did call this out yesterday I told you to watch 52.5 is resistance and also just under 523 uh those are the resistance areas then we also have 525 we’ve rejected off each of those levels in the past and it’s very very tough as we’re getting close to the all-time high so that’s why spy got a small rejection right over here so that’s why we got this little dip and the question is will we continue to fall hard or are we about to get a big bounce now that’s going to be determined by what happens next week so next week is going to be very important Monday is going to be May 13 2024 we have Jefferson me giving some speeches uh whatever the FED says could affect us to some extent and then for Tuesday Tuesday of next week is going to be very important too as we have the PPI report coming out and the one and only Jerome Powell giving a speech again so Powell’s going to be back opening his mouth and when he speaks the Market’s going to make a big move so we’ll just have to wait and see what he says for Wednesday for Wednesday we have uh CPI coming out whatever is announced during CPI could actually you know affect the market big time so I’ll be waiting to see what ends up happening so get ready for all these things Rome pal speech CPI and etc for earnings okay we have these earnings everything is very very minor uh if you want to take a screenshot of this just to remember you guys could uh but let me make it very very clear that this is what earnings are looking like for Monday we have Legend we also have a few more uh for Tuesday we have Alibaba which is very important for retail alongside the Home Depot and Sony uh for Wednesday we have Dole monday.com and a few others and then Thursday we have more retail such as jd.com John Deere not to mention Walmart so very very minor earnings mainly just like retail nothing too crazy but we’ll see what happens especially with like Sony and what they suggest for Consumer demand because these earnings do give us some hints about what’s happening with demand at least at the time being for the fear and greed index we’re currently at neutral so we’re kind of in the middle not too fearful not too greedy just dead in the center Market momentum is currently quite greedy we’re starting to see greed making up the majority of sentiments for other factors we also have uh down here the puts in call option positioning is currently at 0.8 that is once again in the middle as we’re still seeing a shift and not nothing too crazy in my personal opinion and then Market volatility is kind of down here very close to this 12 area so being at the 12 area uh volatility is still very very high for the markets uh but the vix is approaching this very very low level so with this happening with the vix dipping the way it is uh we’re approaching a critical support which is where the vix loves to bounce off of and the vix does suggest Us in its cycle that it’s going to likely bounce very soon this means the market may get a rejection so that’s what technicals are kind of like starting to show uh besides that that’s kind of like it for the markets uh what do I see for spy well let’s talk about the vix first what is the vix showing us I’ve been talking about this all week the vix is approaching critical support around 12.5 I’ll make another video and break more details down about this so and I’ll give you guys a little prediction based off this too but the vinx is going to likely Shuffle around the 12.5 area we’re at support every time this year it bounced off this area so it might get a bounce within a week or two from now I would say within a week most likely and that may be correlated with spy potentially uh getting a rejection as well uh for the markets when it comes to spy okay spy pushed very very nicely very very awesome but we have declining volume we have a tough resistance approaching and the 520s and we have all this data coming that will determine if this thing will bounce or not to be bullish you want to see it break 523 so go all the way up to 525 but even even if we do break that just be careful because 525 is going to be tight and if the peak is in already watch us lose 520 if we fail to hold 520 we could see a dip all the way down towards five uh 518 all over again and if we lose that so that’s going to be a very important levels we have previous resistance right over here at 58 that’s going to become our next support and I think that this 20 EMA is going to kind of curl this way so it’s going to catch up by Monday so I do think we might get a little dip here and then we’ll see if we get a continuation move lower we’ll be watching that very very carefully
For the Triple Q we have a bearish Divergence uh if we end up losing 439 look for dip all the way down towards 435 and if we end up holding support we could try to rebound towards 444 break nothing than 440 uh we could go all the way up to about 446 but I would just be very careful with the triple because we did reject in the mid 440s many times historically so just be mindful of that and just know that the trend is kind of shifting a little bit more negative for the QQQ so watch for anything always be open-minded but just know that there is a risk of this rejecting as we have a bearish Divergence and we have tough resistance at this level
Tesla’s in an a very very interesting place because uh when you look at Tesla this has been rejecting off the wh’s trend line we got a rejection came back up rejected again and now we’re approaching the 167 area we’re continuing to fall amidst all this bad news involving layoffs and such so watch this area right here we did bounce off 166 before before we got a big bounce and there’s also another instance where we actually ended up losing that so if we lose this 167 Zone to 166 we could see Tesla collapse and start sinking all the way down to the lower 160s if we bounce on Monday depending on what the news is look for 170s resistance and 172 as of right now when at the time I’m recording this video Tesla’s looking more bearish is continuing to fall and I’ve been spot on with this stock for the entire week as it’s been looking bearish again and again and then we also have just two more before I finish the video Nvidia on a bit of a downtrend we’re kind of trading sideways in this range watch this 892 support watch resistance at 900 I do see a risk of coming down to fill this Gap around 888 we might we could pop first and come back down so we’ll see for Amazon I’m sorry not Amazon Apple Apple’s actually dipping a little in the current market it’s been stuck in this range so I do think it’s going to try to range trade a bit for between 13.5 and 181.50 EMA we’re actually at around 17. 36 in the after hours I do see a risk of it coming down to 185 if we do turn here so if we lose 187 look for 1885 I your risk of that for Meta Meta has resistance at 478 we have support at 472 I think that it’s going to retest 472 and trade sideways for now but if we lose that there’s going to be a dip coming to the 460s so we’ll just have to wait and see how it goes but anyways that’s it for
Triple Q Bearish Divergence with Key Levels at 439 and 444
Market Update and Spy Analysis
For spy we basically got this very very nice push to the upside pushing all the way up to about 521.222 area if we did end up breaking out and we came just under that hitting 522.com am Eastern Standard time we got the Michigan consumer sens report in the 5-year inflationary expectations so for the 5-year inflationary expectations it was 3.1% that is somewhat above expectations but not too bad and that’s kind of similar to what Jerome po was saying in his speech poell said that inflation for the longer term is more under control by the FED but for the short term they can’t make any promises and then after that we also got the inflationary expectations for May uh we got 3.5% that is actually a little bit above what the 4 for consensus happen to be so that’s actually very very important and something worth noting so that’s how things looked at least for the time being and we’ll have to see what else happens moving forward uh as a reminder now so with this data not being the best that’s why I kind of like spy rejected right here it’s also because of another Factor we have low volume spy’s volume has been declining I can actually show you that real quick so if you look at the volume that’s been declining quite a bit right over here you guys could see how it’s been just tipping and tipping and tipping and we actually got a low volume at about 43 million for spy so volume is declining uh we also hit some tight resistance on spy I did call this out yesterday I told you to watch 52.5 is resistance and also just under 523 uh those are the resistance areas then we also have 525 we’ve rejected off each of those levels in the past and it’s very very tough as we’re getting close to the all-time high so that’s why spy got a small rejection right over here so that’s why we got this little dip and the question is will we continue to fall hard or are we about to get a big bounce now that’s going to be determined by what happens next week so next week is going to be very important Monday is going to be May 13 2024 we have Jefferson me giving some speeches uh whatever the FED says could affect us to some extent and then for Tuesday Tuesday of next week is going to be very important too as we have the PPI report coming out and the one and only Jerome Powell giving a speech again so Powell’s going to be back opening his mouth and when he speaks the Market’s going to make a big move so we’ll just have to wait and see what he says for Wednesday for Wednesday we have uh CPI coming out whatever is announced during CPI could actually you know affect the market big time so I’ll be waiting to see what ends up happening so get ready for all these things Rome pal speech CPI and etc for earnings okay we have these earnings everything is very very minor uh if you want to take a screenshot of this just to remember you guys could uh but let me make it very very clear that this is what earnings are looking like for Monday we have Legend we also have a few more uh for Tuesday we have Alibaba which is very important for retail alongside the Home Depot and Sony uh for Wednesday we have Dole monday.com and a few others and then Thursday we have more retail such as jd.com John Deere not to mention Walmart so very very minor earnings mainly just like retail nothing too crazy but we’ll see what happens especially with like Sony and what they suggest for Consumer demand because these earnings do give us some hints about what’s happening with demand at least at the time being
Triple Q Bearish Outlook
For the Triple Q we have a bearish Divergence uh if we end up losing 439 look for dip all the way down towards 435 and if we end up holding support we could try to rebound towards 444 break nothing than 440 uh we could go all the way up to about 446 but I would just be very careful with the triple because we did reject in the mid 440s many times historically so just be mindful of that and just know that the trend is kind of shifting a little bit more negative for the QQQ so watch for anything always be open-minded but just know that there is a risk of this rejecting as we have a bearish Divergence and we have tough resistance at this level
Tesla, Nvidia, and Other Ticker Updates
Tesla’s in an a very very interesting place because uh when you look at Tesla this has been rejecting off the wh’s trend line we got a rejection came back up rejected again and now we’re approaching the 167 area we’re continuing to fall amidst all this bad news involving layoffs and such so watch this area right here we did bounce off 166 before before we got a big bounce and there’s also another instance where we actually ended up losing that so if we lose this 167 Zone to 166 we could see Tesla collapse and start sinking all the way down to the lower 160s if we bounce on Monday depending on what the news is look for 170s resistance and 172 as of right now when at the time I’m recording this video Tesla’s looking more bearish is continuing to fall and I’ve been spot on with this stock for the entire week as it’s been looking bearish again and again and then we also have just two more before I finish the video Nvidia on a bit of a downtrend we’re kind of trading sideways in this range watch this 892 support watch resistance at 900 I do see a risk of coming down to fill this Gap around 888 we might we could pop first and come back down so we’ll see for Apple Apple’s actually dipping a little in the current market it’s been stuck in this range so I do think it’s going to try to range trade a bit for between 13.5 and 181.50 EMA we’re actually at around 17. 36 in the after hours I do see a risk of it coming down to 185 if we do turn here so if we lose 187 look for 1885 I your risk of that for Meta Meta has resistance at 478 we have support at 472 I think that it’s going to retest 472 and trade sideways for now but if we lose that there’s going to be a dip coming to the 460s so we’ll just have to wait and see how it goes but anyways that’s it for
Tesla Bearish Trend Indicates Support at 166
Spy Market Analysis and Outlook
For spy we basically got this very very nice push to the upside pushing all the way up to about 521.222 area if we did end up breaking out and we came just under that hitting 522.com am Eastern Standard time we got the Michigan consumer sens report in the 5-year inflationary expectations so for the 5-year inflationary expectations it was 3.1% that is somewhat above expectations but not too bad and that’s kind of similar to what Jerome po was saying in his speech poell said that inflation for the longer term is more under control by the FED but for the short term they can’t make any promises and then after that we also got the inflationary expectations for May uh we got 3.5% that is actually a little bit above what the 4 for consensus happen to be so that’s actually very very important and something worth noting so that’s how things looked at least for the time being and we’ll have to see what else happens moving forward
Triple QQQ’s Bearish Indication
For the Triple Q we have a bearish Divergence uh if we end up losing 439 look for dip all the way down towards 435 and if we end up holding support we could try to rebound towards 444 break nothing than 440 uh we could go all the way up to about 446 but I would just be very careful with the triple because we did reject in the mid 440s many times historically so just be mindful of that and just know that the trend is kind of shifting a little bit more negative for the QQQ so watch for anything always be open-minded but just know that there is a risk of this rejecting as we have a bearish Divergence and we have tough resistance at this level
Updates on Tesla, Nvidia, and Other Tickers
Tesla’s in an a very very interesting place because uh when you look at Tesla this has been rejecting off the wh’s trend line we got a rejection came back up rejected again and now we’re approaching the 167 area we’re continuing to fall amidst all this bad news involving layoffs and such so watch this area right here we did bounce off 166 before before we got a big bounce and there’s also another instance where we actually ended up losing that so if we lose this 167 Zone to 166 we could see Tesla collapse and start sinking all the way down to the lower 160s if we bounce on Monday depending on what the news is look for 170s resistance and 172 as of right now when at the time I’m recording this video Tesla’s looking more bearish is continuing to fall and I’ve been spot on with this stock for the entire week as it’s been looking bearish again and again and then we also have just two more before I finish the video Nvidia on a bit of a downtrend we’re kind of trading sideways in this range watch this 892 support watch resistance at 900 I do see a risk of coming down to fill this Gap around 888 we might we could pop first and come back down so we’ll see for Apple Apple’s actually dipping a little in the current market it’s been stuck in this range so I do think it’s going to try to range trade a bit for between 13.5 and 181.50 EMA we’re actually at around 17. 36 in the after hours I do see a risk of it coming down to 185 if we do turn here so if we lose 187 look for 1885 I your risk of that for Meta Meta has resistance at 478 we have support at 472 I think that it’s going to retest 472 and trade sideways for now but if we lose that there’s going to be a dip coming to the 460s so we’ll just have to wait and see how it goes but anyways that’s it for
Nvidia Downtrend Approach Towards 892 Support
Market Trends and Analysis Overview
For spy we basically got this very very nice push to the upside pushing all the way up to about 521.222 area. It’s worth noting that the 5-year inflationary expectations were somewhat above expectations, with 3.1% reported. There is also a decline in volume for Spy, with key resistance levels approaching, such as 525.
Triple QQQ’s Performance and Potential Movement
The Triple QQQ is showing a bearish divergence, and certain key levels at 439 and 444 could indicate potential dips or rebounds depending on the support or resistance held. It’s important to remain cautious due to the shifting trend.
Updates on Tesla, Nvidia, and Other Tickers Positioning
Tesla has experienced rejection off its trend line and may face further declines or bounces depending on support levels. Nvidia is on a downtrend and may test the 892 support. Other tickers like Apple and Meta show varying trends and possible price movements.
Apple’s EMA Range and Meta’s Resistance and Support Levels
Spy Market Analysis Overview
For spy we basically got this very very nice push to the upside pushing all the way up to about 521.222 area. It’s worth noting that the 5-year inflationary expectations were somewhat above expectations, with 3.1% reported. There is also a decline in volume for Spy, with key resistance levels approaching, such as 525.
Triple QQQ’s Performance and Potential Movement
The Triple QQQ is showing a bearish divergence, and certain key levels at 439 and 444 could indicate potential dips or rebounds depending on the support or resistance held. It’s important to remain cautious due to the shifting trend.
Updates on Tesla, Nvidia, and Other Tickers Positioning
Tesla has experienced rejection off its trend line and may face further declines or bounces depending on support levels. Nvidia is on a downtrend and may test the 892 support. Other tickers like Apple and Meta show varying trends and possible price movements.
