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Support / Resistance Lines
Version 2 has some added charts and has been restructured to make it easier to navigate to only those studies of interest. The series from 000 to 400 are relationship studies and 500 to 700 are candlestick charts of major indexes and ETF%27s. 000 - Commentary & Macro view; 100 - Commodities; 200 - Currencies; 300 - Bonds; 400 - Stocks; 500 - Candle Charts for Commodities, Currencies and Bonds; 600 - Domestic Stock Indexes; 700 - Foreign Stock ETFs.
How I use it: I review the entire series before the open and after the close. Once acquainted with the relationships in play I keep an eye on the components using the summary view during the trading day.
The purpose of this list is to make macro level calls I may cite trades I have put on or am considering as examples. These are not recommendations as that engenders a different series of charts and analysis.
I welcome all feedback, questions and recommendations. I am very open minded and enjoy the discourse as it helps me continually improve this list and my analysis.
11/27/2020 Levels to Be Aware of
3644/3671 Last Week High; All-Time High (11/9/20); Monthly R2; Weekly R1
3639 All-Time Closing High (11/27/20); Last Week Close
3600/3612 Round Number; 10 DMA; Weekly PP
3553/3580 Last Week Low; Weekly S1
3520/3531 Weekly S2; 20 DMA
3488/3500 Weekly S3; Round Number
3446/3469 50 DMA; Monthly R1
3393/3400 100 DMA; Feb 20 High; Round Number
3330/3351 Battleground; Monthly PP
3270/3300 150 DMA; 10% Pullback from $SPX High; Round Number
3200/3235 Round Number; 2019 Close; Battleground
3130/3153 Battleground; 200 DMA (close 15.5% above); Monthly S1
3093/3100 62% Retracement; Round Number
3000/3035 Round Number; Monthly S2
- US Dollar and Commodities trend in opposite directions
- Bond prices and Commodities trend in opposite directions
- Bond prices and Stocks are inversely correlated
- Bond Yields and Stocks trend in the same direction
- Stocks and Commodities are correlated
At tops, the typical rotation is Bond Yields peak first, Stocks second and commodities last. This order is less reliable at bottoms.
Gold Miners (GDX) often lead Gold (GLD)
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