Can MU Rescue the Broader Market?
Over the weekend, the Weekly Compass anticipated a bearish reversal for the market. This anticipation came despite the rally the market printed on Friday because, as mentioned then, many elements remained bearish beneath the surface.
The Setups Blueprint highlighted strong probabilities for a bearish reversal in the $S&P 500(.SPX)$ , targeting 7,409 for a 1.2% drop. The actual low for the week reached 7,336.8, representing a 2% decline from Friday’s close 🎯.
Another high-probability setup was a bearish reversal for $VanEck Semiconductor ETF(SMH)$ . I indicated that 646.6 would be breached, triggering a confirmed target of 629.3 for a 4.6% decline. The actual low hit 607 🎯 for an 8% drop, closely approaching our bearish extension target.
The next anticipated setup was a bearish reversal for $Advanced Micro Devices(AMD)$ , targeting 510 for a 5% decline. That level has acted as the exact support zone for AMD over the last two days 🎯.
For Gold $SPDR Gold ETF(GLD)$ , the Weekly Compass suggested a bearish continuation toward 375.1 for a 3.1% drop. The current move reached our third bearish target at 364.7, logging a 5.8% decline 🎯.
Another bearish move highlighted was for $Microsoft(MSFT)$ , pointing toward 367.9 for a 3% selloff. The actual low for the week hit 364.7 🎯, extending beyond our initial target.
In summary, MSFT, GLD, AMD, SMH, and the SPX represented five high-probability setups that reached their targets cleanly with an average gain over 3%.
The strength in finance has kept $MPM Technologies, Inc.(MPML)$ and $SPDR Dow Jones Industrial Average ETF Trust(DIA)$ float, that setup is invalidated as of now, $Exxon Mobil(XOM)$ on the other hand remains weak despite oversold conditions. The average risk reference for those averaged 0.6%. Every setup posted here comes with an invalidation level so investors have complete information to make informed decisions and protect their capital.
The Weekly Compass highlighted bearish conditions and the setups I handpicked, but subscribers who follow $Palantir Technologies Inc.(PLTR)$ $Meta Platforms, Inc.(META)$ $iShares Silver Trust(SLV)$ $Netflix(NFLX)$ $iShares Bitcoin Trust(IBIT)$, they had the bearish roadmap in the executive blueprint posted on Saturday. A bearish move was likely.
This brings us to the midweek update. Let’s move to the technical charts below with price target updates, upgrade your subscription for this institutional approach with transparent technical indicators and clear price targets.
For the SPX, we have been tracking the daily levels to anticipate upcoming moves. As anticipated for paid subscribers last night, today’s rally vanished after finding rejection near 7,409.5, a resistance clearly identified yesterday as a confluence zone where any upside would be tested 🎯.
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