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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.
1/17/2020 Levels to Be Aware of
3350/3361 Weekly R1; Monthly R2
3330 Last Week Close; Last Week High; All-Time Closing High (1/9/20); All-Time High (1/17/20)
3309 Weekly PP
3296/3300 Monthly R1; Round Number
3289 Weekly S1
3268/3278 Last Week Low; 10 DMA
3248/3254 Weekly S2; 20 DMA
3227 Weekly S3
3183/3200 Monthly PP; Round Number
3177 50 DMA
3118 Monthly S1
3070/3078 Dec 2019 Low; 100 DMA
3034/3051 150 DMA; Nov 2019 Low
3000/3005 Round Number; Monthly S2
2995 200 DMA (close 10.1% above); 10% below $SPX High
2952/2956 Jul 2019 Low; 38% Retracement from Dec 2018 Low
- 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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