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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.
9/17/2021 Levels to Be Aware of
4537/4562 All-Time Closing High (9/2/21); Weekly R3; All Time High (9/2/21)
4491/4516 20 DMA; Last Week High; Round Number; Weekly R2
4475/4482 Weekly R1; Monthly PP; Prior Hugh (4480); 10 DMA (declining)
4436/4451 50 DM; Weekly PP
4433 Last Week Close
4428/4430 Last Week Low; Prior High (4430)
4395/4414 Prior Hugh (4395); Round Number; Weekly S1; Monthly S1
4344/4386 Weekly S3; Weekly S2
4327 100 DMA
4300/4306 Round Number; Monthly S2
4240/4345 Prior High (4240); Monthly S3
4190/4214 Breakout (4190); Round Number; 150 DMA
4090/4120 10% Pullback from $SPX High; Round Number; 200 DMA (close 8.0% above); Double Bottom (4120)
4060 Double Bottom (4060)
3980/4000 Breakout (3980); Round Number
3800 Round Number
3756 2020 Close (YTD +18.0%)
- 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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