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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.
8/7/2020 Levels to Be Aware of
3386/3397 All-Time Closing High (2/19/20); All-Time High (2/19/20); Monthly R2; Weekly R2
3374 Weekly R1
3353 Last Week High
3351 Last Week Close
3329/3334 Weekly PP; Monthly R1
3300/3306 Round Number; Weekly S1
3285/3286 Last Week Low; 10 DMA
3256/3261 20 DMA; Weekly S2
3217/3238 Monthly PP; 2019 Close; Battleground; Weekly S3
3200 Round Number
3155/3171 Monthly S1; 50 DMA
3100 Round Number
3055/3077 10% Pullback from $SPX High; 200 DMA (close 9.6% above)
3032/3039 150 DMA; Monthly S2
2976/3000 Monthly S3; Round Number
2937/2965 62% Retracement; 100 DMA
2793/2800 50% Retracement; Round Number
2674/2700 2017 Close; Round Number
2648 38% Retracement
2600 Round Number
2500/2507 Round Number; 2018 Close
2400 Round Number
2347 Dec 2018 Low (bottom of previous correction)
2300 Round Number
2192/2200 Low for this pullback; Round Number
- 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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