Inside Candles & MACD Crossovers: Stalled Bounce - What's Next?
The Expected Bounce Happened, Key Levels for US Indexes, Futures, Tech Mega-Caps, VIX, DXY, Bitcoin & European Indexes - Key Levels Ahead of AMZN and AAPL Earnings.
Price action appears bullish, yet technical indicators suggest a potential resumption of the decline. Navigating conflicting signals:
The previous edition anticipated well several moves seen during the ending week:
SPX: bounced following the most likely scenario that considered a green Monday and a Harami or inside candle for the week.
NDX: Lead the bounce considering the long candle entirely below the Bollinger Band on Friday, Apr 19th, also with RSI at 30.
DXY: Continues validating the thesis for a top.
TSLA: Bounced as the daily chart suggested. And as expected in a Substack note shared for everyone last Thursday, it found resistance at 40DMA.
MSFT: Bounced well from 20 Weekly Average
AMZN: Visited 20 Weekly Average, for a quick bounce
META: Declined well to 436, as of now, that is acting as strong support as mentioned then. Now it’s time to close that gap for good.
CL=F: Declined as expected and bounced from 10 Weekly average.
GDX: Declined 4.55% on Monday, consistent with the expectation, then it bounced. The daily evening star is a hurdle to reach $36.05.
DAX and STOXX: Bounced as their charts anticipated, volume at price is a key technical indicator that is coming in the educational program.
BTC: The key S/R level was lost. Remember: “The more a level is tested, the possibilities of breaking it are higher”
This newsletter does provide a broad market perspective, many contents around there are based on SPX alone, I activated the referral program, so more people who needs guidance can receive from you this Newsletters.
Remember: trading is about consistency, this special study that anticipated what was coming in terms of the pullback is still valid, it includes the aftermath of the first pullback after an overextension.
I expect the same outcome, not only because the study analyzed 60 years of occurrences, I expect the same because the current technical patterns are similar to previous cases.
Another special study is coming, I need the month closing to publish it, stay tuned.
Moving Forward, What’s Coming?
This weekend edition will have another technical approach in most charts, considering the consolidation that is coming and how ranges can be determined. Technical analysis is about knowing which technical should be used in each circumstance.
5 charts were considered last week, most of them anticipated a bullish reversal, those charts remain on watch:
SP500 Chart