Pre Market Analysis 🩸
Good Morning Family🫡 This market is taking souls this morning 😮💨 as if Fridays sell off wasn’t enough. The damage is done 🩸 let’s see where the market stands at these levels.
-$SPY reversal last week started when prices lost momentum at the $569 rejection and from there the sideways movement revealed itself before the flush. We’re seeing that gap to $551.68 filled that I talked about last week fill but now attempting to create resistance around last weeks lows. Prices are approaching support at $559, could see some recovery this week but we’re seeing a Bearish Engulfing Candle on the Weekly which tells me there is more downside to come.
-$QQQ also shows the same bearish engulfing candle on the weekly frame. Prices lost its momentum at the $484 levels last week and closed at lows of $468.97 after filling its gap to the downside. We’re still looking at more downside as it approaches possible support at $459.65…prices are due for a slight recovery but look for rejection around last weeks lows up to $473.
-$NVDA at a level of support at $105 but we’re just gonna wanna see how deep into these levels it can drop. We finally saw prices fill the gap to the downside at $110 but it quickly went from support to resistance. Today is just a day to wait out the blood shed as we close out the quarter and we’ll revisit price action once this massacre is over. Prices could revisit last weeks lows at $110-112 this week but that’s the most we can hope for as of now.
-$TSLA had a strong performance last week but is starting to give up those gains going into this week. The $249 gap is getting filled today and there’s still one more fill down to $226.15. We’re prob gonna see prices reject around last weeks lows going into this week and see prices continue to drop towards support at $232 this week. If we lose that level then watch the fill down to $226 as it approaches support $221.
I did some live charting requests over the weekend so if you tuned in of course you know we went longer than I anticipated 😂 but the learning experience is what matters most💯. Here’s the upload for anyone interested.
https://www.youtube.com/live/bPdmbO_DV-s?si=tIq8XqHnKb-kwP_g
Cash is always a position because it’s always safer to buy in red days than it is green. Let’s get this 💰