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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.
7/30/2021 Levels to Be Aware of
4422/4457 All-Time Closing high (7/26/21); Weekly R1; All-Time High (7/29/21); Last Week High; Weekly R2
4399/4400 Weekly PP; Round Number
4395 Last Week Close; Prior High (4395)
4342/4376 Weekly S2; Monthly PP; 20 DMA; Weekly S1; Last Week Low; 10 DMA
4276/4311 Monthly S1; 50 DMA; Round Number; Weekly S3
4240 Prior High (4240)
4182/4200 100 DMA; Breakout (4190); Round Number
4120/4156 Double Bottom (4120); Monthly S2
4100 Round Number
4060/4064 Double Bottom (4060); 150 DMA
3980/4000 Breakout (3980); 10% Pullback from $SPX High; Round Number
3875/3938 Breakout (3875); Round Number; 200 DMA (close 11.6% above)
3800 Round Number
3756 2020 Close (YTD + 17.0%)
- 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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