Hi Shoppers,

Wow! 

What a week.

And it ain’t over.

Let’s take a look at where we are in the three major indices and where our next support levels come in.

Here is the S&P 500 (Ticker: SPX) chart:

Of course the next level of support comes in at the nice rounded number of $3800.

SPX closed well off the last support of $3900 and those last several candles are looking pretty bearish.

The Invesco QQQ Trust (Ticker: QQQ) has the 50 day moving average and the 200 day moving average ready to converge which usually provides great support.

QQQ closed well below there on Friday:

The next level of support comes in at $282 which is where my downtrend line going back to December 2021 falls.

From there, $280 has some support.

The small cap stocks have been leading this market to the upside and now to the downside, moving the most.

Here is the iShares Russell 2000 Index (Ticker: IWM) chart:

After trading lower, IWM did manage to close right at my downtrend line that goes back to November 2021.

That is a support level and below there the next support comes in at $172.

There will be an emergency Fed meeting tomorrow, so anything can happen.

It is imperative to stay nimble and watch for announcements.

Now, I have got to show you this chart.

It just amazes me when a chart plays out perfectly.

Check out my Bitcoin (Ticker: BTCUSD) pitchfork:

BTCUSD tested the smaller pitchfork as support twice before collapsing through it.

It then proceeded to trade down to the lower support level and bounce from there.

A hammer was formed on Friday which is a change in trend signal found at the bottom of a downtrend.

BTCUSD could trade back up to $22,500.

Ethereum (Ticker: ETHUSD) also created a hammer on Friday and has bounced:

It could trade back up to $1660.

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Disney (Ticker: DIS) moved down pretty quickly Friday. I still think it will trade $91.

It will be a wild one this week.

Be careful out there.

Thanks for Reading … See You Next Tuesday,

Licia Leslie