BY LICIA LESLIE
March 10, 2024
Hi Shoppers,
The markets made a huge reversal on Friday, being up over $30 to closing down over $30 on the S&P 500 Index (Ticker: SPX).
This action created a bearish engulfing candle which may be signaling a change in this uptrend:
Support from here comes in at $5086, which we can easily trade to early this week.
We have the same candlestick pattern in the Invesco QQQ Trust (TIcker: QQQ):
Support below here is at $434.25.
The iShares Russell 2000 Index (Ticker: IWM) also has a bearish engulfing candle pattern:
Support for IWM is at $206 and $200.
I think we may hit these support levels early on this week.
Trade Review
Tesla (Ticker: TSLA) did trade higher on Friday but also did the reversal along with the market. It held the support at $174. Watch for a close below that there to bail on your longs.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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