The Bottom Line:
- SPY breaking resistance at 519, aiming for 520
- Tesla facing struggle at 175 support and resistance
- NVIDIA potentially dipping below 892 support level
- KIKQ remaining range-bound between 441 and 442.25
- Apple pushing towards 183.5 resistance with upside potential
SPY Breaks Key Resistance Targeting 520
Market Analysis: Energized SPY and Potential Upside
Spies attempted to break out at the resistance around the 518 area and successfully touched 519, showing more momentum. The market is displaying potential for further upward movement, with targets set at 520 and potentially even higher. While the chart appears bullish and has invalidated some sell signals, a future market rejection is still anticipated.
Forward Predictions and Levels in Focus
Support lies at 518.25, with less significant resistance until approaching 520. The current resistance at 519 is not as robust, making it more likely for SPY to surpass this level. There is a strong possibility of reaching 520 and potentially targeting 522.2 in the near future. The advice given is to consider taking profits quickly rather than being overly greedy amidst the bullish outlook for SPY.
Stock Specific Analysis
Tesla is struggling to break 175, while NVIDIA is showing signs of rejection after losing support levels. Apple is experiencing upward movement due to positive news, facing resistance at 183.5. Amazon is moving towards the 190 mark, and Meta remains stable with resistance at 475. Overall, the market is holding up well with buyers currently in control, indicating further upside potential.
Tesla’s Struggle at 175 Support and Resistance Levels
Market Levels for Tesla and Other Stocks
Tesla is facing challenges breaking through the 175 price level, encountering resistance at both 175 and 176.832. The stock is currently fluctuating between these support and resistance levels, indicating potential continued back-and-forth movement in the near future.
For NVIDIA, there is a risk of further decline after losing the 892 support level, with the potential to dip closer to the mid to low 180s. The 200 EMA support is situated in the 870s, suggesting a possible downtrend for NVIDIA in the short term.
Apple’s Upward Movement and Amazon’s Resistance
Apple is experiencing positive momentum due to bullish news, pushing towards resistance at 183.5. However, the stock is struggling to break through this level, facing potential resistance at 184.25 and 185 if the breakout occurs. On the other hand, Amazon is making strides towards the 190 mark after a brief dip to 187, with resistance anticipated at this level before potentially targeting 192.
NVIDIA’s Potential Dip Below 892 Support
Analysis of NVIDIA’s Potential Dip Below 892 Support
NVIDIA is currently showing signs of rejection after losing the critical support level at 892. There is a risk of further decline for the stock, with potential for it to dip closer to the mid to low 180s. Additionally, the 200 EMA support is situated in the 870s, indicating a possible downtrend for NVIDIA in the short term. The gradual decline suggests a cautious approach towards trading NVIDIA shares.
Market Related Updates on NVIDIA
The support levels for NVIDIA are crucial to monitor, with 892 being a significant level that has been breached. The next key price point to watch is 885, which may act as another support level. The stock’s recent performance indicates a bearish trend, and investors should be prepared for further potential dips in the mid-range price levels.
Potential Implications of NVIDIA’s Downtrend
Amidst the broader bullish market sentiment, NVIDIA’s downward trajectory serves as a contrast. With the potential for a dip towards the mid to low 180s, investors should exercise caution and closely monitor the stock’s performance. Understanding the current market dynamics and NVIDIA’s specific movement can help in making informed decisions regarding buying or selling actions.
KIKQ Range-Bound Between 441 and 442.25
The KIKQ Range-Bound Analysis
Despite the overall bullish market sentiment, the KIKQ index is currently displaying a more range-bound behavior. The resistance levels are identified at 441 and 442.25, while the support level stands at 438 and other lower levels. Although there may be attempts to move higher, the KIKQ index is not showing as much volatility as SPY.
Apple’s Positive Momentum
Apple’s stock is showcasing upward movement due to optimistic news in the market. The company is now pushing towards the resistance level at 183.5. Despite these positive developments, Apple is still encountering challenges in breaking through this resistance, with potential hurdles at 184.25 and 185 if a breakthrough occurs.
Amazon’s Market Performance
Amazon’s stock is making progress towards the 190 mark after a brief dip to 187, indicating a rebound in the stock’s value. The next resistance level to watch for Amazon is at 192, reflecting the potential for further growth if the current positive trend continues.
Apple’s Momentum Towards 183.5 Resistance
Apple’s Momentum Towards 183.5 Resistance
Apple is experiencing upward movement driven by positive news, propelling the stock towards resistance at 183.5. Despite the bullish momentum, Apple is facing challenges in breaking through this level and is currently in a shuffling phase. There is still potential for further upside in the market for Apple.
