BY LICIA LESLIE
April 5, 2024
Hi Shoppers,
That was quite the reversal yesterday.
Let’s take a look at the chart:
SPX closed just below my support level on the pitchfork which came in at $5162.
Now remember that level today, right around $5165, because if we get any kind of rally, that old support level is a new resistance and that will be the key to get short if it cannot trade above it.
A lot of times once the stock breaks the support/resistance level it will come back and retest it before continuing on its way.
Support will come in naturally at the nice round number of $5100.
Below there it will be $5076, the 50 day moving average and then $5033.
Trade accordingly.
Trade Review
Global X Uranium ETF (Ticker: URA) traded right up to my first resistance level before selling off with the rest of the market. A close below $30 and $28.71 will be the next stop.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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