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Once you are signed up, check out these charts …
Where Do We Go Now?
I wanted to share my charts of the major indexes – and where we may go from here.
S&P 500 Index (Ticker: SPX):
After trading in a range for eight days straight, SPX made the decisive move lower late Thursday afternoon.
Hmmm … I wonder who had knowledge of that CPI number early.
SPX closed Friday right at the support level of the previous lows and the nice round number of $3,900.
If we trade lower, my next levels of support are $3,816 and $3.770.
SPDR S&P 500 ETF Trust (Ticker: SPY) also closed right at a support level:
My next levels of support from here are $387, $380 and $373.
Looking at Invesco QQQ Trust (Ticker: QQQ):
I have support levels at $285, $280 and $275.
The IShares Russell 2000 ETF (Ticker: IWM):
I have it closing right on that mini support trendline and just below that lower support level of the pitchfork.
On the downside from here, I have next support $174.50.
And lastly, I have a very interesting chart on Bitcoin ( BTCUSD):
BTCUSD has traded down to and bounced off that support level of two intersecting pitchforks, making it a stronger support level, at $26,865.
So far, today’s candle formation looks like it could become a hammer, which is a bullish signal of a reversal in the current downtrend.
Support levels from here are $26,300 and $25,000.
Time will tell.
Thanks for Reading … See You Next Tuesday.
Licia Leslie