Bull Trap as Anticipated
In yesterday’s market update, I highlighted the confluence zone at 7,411.9 for the $S&P 500(.SPX)$ , a daily level I flagged to paid subscribers anticipating a potential bull trap following the after-hours rally sparked by $Micron Technology(MU)$ ’s earnings. SPX’s high today reached 7,419 🎯, validating the relevance of that resistance zone.
For $Invesco QQQ(QQQ)$ , I flagged 724.9 as a critical level; today’s high of 726.8 🎯 confirmed the sentiment shift and showed resistance holding stronger than support lines. $VanEck Semiconductor ETF(SMH)$ presented a similar case, I noted 646.6 as crucial for momentum confirmation, but the zone became resistance instead, with price topping at 650.
My approach layers technical indicators to identify direction and reversals with modeled support and resistance levels to set targets and anticipate reversal zones. I also highlighted bearish setups for both $Apple(AAPL)$ and $Amazon.com(AMZN)$ , with full technical context; both stocks cratered today 🎯
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