The Bottom Line:
- Spy is facing resistance at 521 and support at 520.
- QQQ is testing 442 as resistance and 441 as support.
- Tesla is shuffling around support at 168 and resistance at 170.
- Nvidia is moving sideways with a potential gap to fill later.
- Apple is trading between 182 and 187 with sideways movement.
Spy Resistance at 521 vs. Support at 520
Spy Resistance at 521 vs. Support at 520
For spy we pushed all the way up to about 522.com came out and spy dipped all the way down to the 519 now spy is just kind of shuffling the 520 area we’re testing 521 as resistance but we’ll see how spy ends up doing as a reminder the vix is at 12.5 now and this is very critical because every single time the vix hit this low all the way down 12.5 it did end up bouncing within a week this happened every single time this year so far and that happened because the market got a rejection so we’re approaching potential bounce territory for the vix and rejection territory for spy as of right now if history were to repeat itself so we will see right now spy is not necessarily officially rejected we don’t really have confirmation of that but that will depend a lot on CPI PPI Drome P speech and things like that so watch resistance at 5215 watch support at 520 if we lose that we’re going to be dipping all the way down to 518 so give this some time and we’ll see if this gets a rejection or not and with this high that was establishment coming down we could be establishing a lower high and continue so give it some time and we’ll see how things end up going.
QQQ Levels: Resistance at 442, Support at 441
For the QQ where is fighting 442 as resistance if it breaks let’s look for 444 this is the level we called down that’s where uh the QQ went to earlier supports at 441 a little bit lower than that so that’s where we kind of range traded for the rest of the day if we get a rejection here if we fail to hold the 440 or the mid 440s we we’re known for rejecting down the QQQ many times if that happens we could be making a move back down so like 437 or so so there is a risk of the QQQ getting a slight rejection but we’re not really ready yet so we’re just testing resistance and we have to give this some time.
Tesla’s Current Position
For Tesla unfortunately it’s looking a little bit weak we’ve been shuffling at 168 the support Zone I had mapped over here we have resistance at 170 Tela has been stuck here for about 4 hours going back and forth and back and forth I could see an attempt to go a little higher first before it drops as of right now but that’s going to depend on closing lots of pieces of news but that’s what I’m seeing so far for Tesla.
QQQ Facing 442 Resistance and 441 Support Levels
QQQ Facing 442 Resistance and 441 Support Levels
For the QQQ, it is currently encountering resistance at the 442 level. If this resistance is broken, the next level to watch for is 444. On the flip side, support is around 441, slightly lower than the current resistance level. There is a possibility of the QQQ experiencing a slight rejection if it fails to hold above the mid-440s. In such a scenario, the QQQ could potentially move back down towards 437. As of now, the QQQ is still in the testing phase of this resistance level, and it requires some time to see how the situation unfolds.
Tesla Support at 168 and Resistance at 170
Analysis of Tesla’s Current Status
For Tesla, the situation appears slightly weak as it has been hovering around the support level at 168. Resistance is noted at 170, and Tesla has been trading within this range for approximately four hours, fluctuating back and forth. There could be an initial attempt to move slightly higher before a potential downward shift. The outcome will heavily rely on various news developments and closings.
Nvidia’s Ongoing Trading Pattern
In the case of Nvidia, the stock is currently displaying a back-and-forth trend. There is a noticeable gap that may need to be filled in the lower levels. Although a sideways trend persists, there seems to be a bearish inclination due to the establishment of a lower high after a previous peak. This indicates a possible downswing to fill the noted gap in the upcoming week.
Apple’s Consolidation and Price Levels
Apple, following a decline, is now consolidating around 182 as previously identified. While experiencing rejection, the stock has been trading flat for a consecutive four-hour duration. A potential upward push towards 183 is envisaged, with 187 acting as a support level. The stock is presently in a stagnant phase with limited significant movements.
Nvidia Sideways Movement Potential Gap Fill
Nvidia Sideways Trend and Potential Gap Fill
In the case of Nvidia, the stock is currently displaying a back-and-forth trend. There is a noticeable gap that may need to be filled in the lower levels. Although a sideways trend persists, there seems to be a bearish inclination due to the establishment of a lower high after a previous peak. This indicates a possible downswing to fill the noted gap in the upcoming week.
Apple Trade Range: 182 to 187 with Sideways Action
Apple Trade Range: 182 to 187 with Sideways Action
Apple has seen a slight decline, currently hovering around the 182 level as previously mentioned. Despite facing rejection, the stock has remained relatively stagnant for about four hours. There may be a potential upward momentum towards 183, while 187 serves as a support level. The stock is currently in a phase of consolidation with minimal notable movements.
