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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.
6/11/2021 Levels to Be Aware of
4262/4277 Weekly R1; Monthly R1; Weekly R2
4250 Last Week High; All-Time High (6/10/21)
4247 Last Week Close; All-Time Closing high (6/11/21)
4235/4240 Weekly PP; Previous All-Time High
4208/4221 Last Week Low; 10 DMA; Weekly S1
4190/4200 Breakout (4190); Weekly S2; 20 DMA; Round Number
4166/4179 50 DMA; Monthly PP; Weekly S3
4120 Double Bottom (4120)
4095/4100 Monthly S1; Round Number
4060 Double Bottom (4060)
3980/4025 Breakout (3980); Monthly S2; Round Number; 100 DMA
3900/3913 Round Number; 150 DMA; Monthly S3
3875 Breakout (3875)
3800/3825 Round Number; 10% Pullback from $SPX High
3756/3781 2020 Close; 200 DMA (close 12.3% above)
- 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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