First Signs of Consolidation in SPX
Despite choppy price action across the broader indices, the individual setups posted on Saturday continue playing out:
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🎯 $Broadcom(AVGO)$ pushes higher (+6% this week), holding above the 372 bullish target.
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🎯 $Costco(COST)$ is up +2.4%, reaching its extended level of 945.
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🎯 $Amazon.com(AMZN)$ advanced +3.3%, surpassing the modeled 258 milestone.
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🎯 $SpaceX(SPCX)$ and $Tesla Motors(TSLA)$ are currently undergoing healthy consolidations.
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🎯 $Alphabet(GOOG)$ is brewing its anticipated move while holding the 341 line, the critical weekly level that defines the bullish bias above it.
In the meantime, the SPX gave its first sign of consolidation by losing yesterday’s Central Daily Level (CDL) of 7,823. The price moved toward 7,763 at this morning’s open, our last daily support level published yesterday. That line of defense held firm until 11:00 AM, when buyers stepped in, recovering the print and traveling up to 7,801 (another daily level posted last night).
Think of these levels like a staff for a musician: price action moves among them, and having these reaction points gives us an edge in anticipating where consolidation zones can form.
Today’s recovery is promising, but it still leaves the SPX in a fragile spot heading into tomorrow. The updated Central Daily Level and all the layers around is posted below, alongside the institutional algorithmic reaction layers.
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