Technical Bounce Near 4818: Could this Have Marked the Bottom?
Hello everyone! Today i want to share some trading analysis with you!
1.
$S&P 500(.SPX)$ Technical Bounce Near 4818(2022 ATH). Could this have marked the bottom? ✅
We saw a massive gap down today opening at 4953 to test a lows of 4835 by 9:44AM EST. We then saw a big bounce there and moved 170pts back to 5000 in 9 minutes.
Fake news spurred the market around 10:10AM EST signaling that a "90-Day Pause In Tariffs". This sent the market in a frenzy and rallied us to a high of 5246 in 6 minutes. Turned out the news was not real and it send us back to 4953 in ~20 minutes.
So What Is The Takeaway From Today?
We held a technical level which is SPX 4850 the 2022 highs. As long as that continues to hold we should form a base and move back to 5700. If we can't hold 4850 and start consolidating under 4850 we can see a flush to 4400, possibly 4150 (Absolute Max Pain 3650).
Even if the news was fake the fact we held above 5000 today with the fake news shows that the market is showing a bit of resilience. In addition, semis were the strongest sector today.
Lastly, any news on tariffs being resolved will send the market running for a couple of days. We saw ~400pts in minutes today - imagine when the news is real...
Nonetheless, keep an open mind. This type of market is one where you have to be on your toes and ready to pivot at any second.
Many new millionaires will be made in this market, will you be one of them?
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2.
TRADE PLAN for Tuesday 🔥
$S&P 500(.SPX)$ all about 5100 tomorrow, iF SPX can reclaim 5100 we can see 5272 this week.
SPX 5150C best as a lotto above 5050
$Invesco QQQ(QQQ)$ through 424 will set up for a move to 434 by Wednesday.
QQQ 430C best as a day trade above 424 tomorrow
$NVIDIA(NVDA)$ If it reclaims 100 can see a move back up to 108-113 by next week.
NVDA 105C best above 100
3.
There's 2 key levels for the upside that will confirm a short term bottom this month.
$S&P 500(.SPX)$ 5272 and $Invesco QQQ(QQQ)$ 442.
If these 2 levels line up you're going to see a BIG rally in $NVIDIA(NVDA)$ $Amazon.com(AMZN)$ $Tesla Motors(TSLA)$ $Meta Platforms, Inc.(META)$ over the next few weeks.
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If you're patient... The next 8 weeks will be a generational buying opportunity.
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