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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.
2/21/2020 Levels to Be Aware of
3400/3418 Round Number; Weekly R2
3386/3394 All-Time Closing High (2/19/20); All-Time High (2/19/20); Last Week High
3378/3382 Weekly R1; Monthly R2
3353/3364 Weekly PP; 10 DMA
3338 Last Week Close
3323/3328 20 DMA; Last Week Low
3312 Weekly S1
3300/3304 Round Number; Monthly R1
3274/3288 50 DMA; Weekly S2
3248/3259 Weekly S3; Monthly PP
3231 2019 Close
3181/3200 Monthly S1; Round Number
3136/3160 Monthly S2; Break Out; 100 DMA
3070/3100 Dec 2019 Low; 150 DMA; Round Number
3051/3058 10% Pullback from %SPX High; Nov 2019 Low; Monthly S3
3042 200 DMA (close 9.7% above)
2995 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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