The Bottom Line:
- Spy is showing a strong uptrend at 521 resistance level
- Focus on economic calendar events like FED speeches and Michigan Reports
- Unity’s mixed earnings report causing price drop: watch for support and resistance
- Predictions for Tesla to retest 175 and Nvidia to downtrend towards 875
- QQQ bullish with resistance at 442 and potential targets at 444, gaps to fill
Spy’s Uptrend and Resistance Challenge at 521
Spy’s Uptrend and Resistance Challenge at 521
For spy right now, we have our key support at this 518 area and if we lose that, we’re dipping all the way down to 516.8 then 515. Our 20 EMA resistance watch is at 521.222 and eventually, we have 525 as the next level to watch. The share price is currently bullish, especially on the 4-hour timeframe where we’re shifting back up with a nice breakout. There is a potential for the price to go even higher to 522.5 if not higher to 523.
Looking at the resistance levels, the last time spy hit the 521.5 area, a significant rejection led to a drop all the way down to 512. Similarly, hitting 523 resulted in a sizable rejection down to 513, showing a clear possibility of such movements again. Hence, it’s essential to be mindful of these resistance levels and potential rejections that may follow.
If we approach tight resistance levels, there is a risk of a rejection, especially considering the current market dynamics. The VIX indicator is also approaching a key support level, historically bouncing back within a week from this point. This suggests that spy might face a rejection within a week, possibly leading to a significant drop of around eight to ten points. Therefore, caution is advised while monitoring the developments in the market.
Economic Calendar Insights: FED Speeches & Michigan Reports
Resistance Levels and Potential Rejections
When spy approaches the 521.5 area, historical data shows there is a high chance of a significant rejection leading to a drop down to 512. Similarly, hitting 523 resulted in a sizable rejection down to 513. This indicates the importance of monitoring resistance levels closely to anticipate potential market movements.
Risk of Rejection and Market Dynamics
With tight resistance levels looming, there is a risk of rejection based on current market dynamics. The VIX indicator, approaching a crucial support level, historically bounces back within a week from this point. This suggests spy might face a rejection within a week, potentially leading to a significant drop of around eight to ten points. It’s crucial to exercise caution and closely monitor market developments during this period.
Unity Earnings Impact: Price Drop Analysis
Spy’s Resistance Levels and Potential Rejections
When spy approaches the 521.5 area, historical data shows there is a high chance of a significant rejection leading to a drop down to 512. Similarly, hitting 523 resulted in a sizable rejection down to 513. This indicates the importance of monitoring resistance levels closely to anticipate potential market movements.
Risk of Rejection and Market Dynamics
With tight resistance levels looming, there is a risk of rejection based on current market dynamics. The VIX indicator, approaching a crucial support level, historically bounces back within a week from this point. This suggests spy might face a rejection within a week, potentially leading to a significant drop of around eight to ten points. It’s crucial to exercise caution and closely monitor market developments during this period.
Tesla Retest at 175 and Nvidia Downtrend Prediction
For Tesla, there is a downtrend visible, with the stock repeatedly being rejected at the white trend line acting as resistance. The current analysis suggests that Tesla may attempt to retest the $175 level, experience a slight rebound due to market conditions, but then potentially face another rejection, leading to a further decline possibly down to $172 or lower.
Nvidia is also displaying a similar downtrend pattern compared to the overall market performance. After losing support at $892, there might be a slight rebound followed by resistance at the 20 EMA around $892 before potentially moving lower towards $875 in the upcoming week or two.
In contrast, the QQQ is showing a more bullish outlook. There is a potential for a push higher towards resistance at $442, and if this level is breached, it could lead to further gains up to around $444. However, caution is advised as tight resistance levels have historically triggered significant rejections around the $444 to $446 range multiple times in the past.
Apple, on the other hand, appears to be holding up well and maintaining a bullish stance based on daily observations. It may test the $5 resistance level, potentially indicating a further upward move. However, careful monitoring is essential as market dynamics and historical behavior suggest possible rejections at key resistances in the near future.
QQQ Outlook: Bullish Trends and Resistance Points
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Resistance Levels and Potential Rejections
For spy right now, we have our key support at this 518 area and if we lose that, we’re dipping all the way down to 516.8 then 515. Our 20 EMA resistance watch is at 521.222 and eventually, we have 525 as the next level to watch. The share price is currently bullish, especially on the 4-hour timeframe where we’re shifting back up with a nice breakout. There is a potential for the price to go even higher to 522.5 if not higher to 523.
Looking at the resistance levels, the last time spy hit the 521.5 area, a significant rejection led to a drop all the way down to 512. Similarly, hitting 523 resulted in a sizable rejection down to 513, showing a clear possibility of such movements again. Hence, it’s essential to be mindful of these resistance levels and potential rejections that may follow.
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Risk of Rejection and Market Dynamics
With tight resistance levels looming, there is a risk of rejection based on current market dynamics. The VIX indicator is also approaching a key support level, historically bouncing back within a week from this point. This suggests that spy might face a rejection within a week, potentially leading to a significant drop of around eight to ten points. Therefore, caution is advised while monitoring the developments in the market.
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Unity Earnings Impact: Price Drop Analysis
When spy approaches the 521.5 area, historical data shows there is a high chance of a significant rejection leading to a drop down to 512. Similarly, hitting 523 resulted in a sizable rejection down to 513. This indicates the importance of monitoring resistance levels closely to anticipate potential market movements.
With tight resistance levels looming, there is a risk of rejection based on current market dynamics. The VIX indicator, approaching a crucial support level, historically bounces back within a week from this point. This suggests spy might face a rejection within a week, potentially leading to a significant drop of around eight to ten points. It’s crucial to exercise caution and closely monitor market developments during this period.
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