9/26 Daily Recap, Outlook, and Trading Plan
Recap
Last week ended with significant selling, the most we've seen since the bull market began nearly a year ago. The selling was anticipated due to a breakdown of a triangle pattern after the FOMC last Wednesday. We experienced four consecutive red days, a rarity, with the largest red day since March 2023 occurring last Thursday.
Market Gauge
🔴 Bearish
The Markets Overnight
🌏 Asia: Down
🌍 Europe: Down
🌎 US Index Futures: Down
🛢 Crude Oil: Down
💵 Dollar: Down slightly
🧐 Yields: Down
🔮 Crypto: Down slightly
World News
Asian stocks lower on more problems in China’s property developers.
Key Structures
The primary pattern remains the large, multi-month triangle, which we broke down last Wednesday. Bulls need to reclaim this triangle at 4483 to set a sustained bottom. Below there, 4418 is key, with clearance triggering back to 4470+. The 4377-83 trendline, connecting the major swing lows of June 26th and August, is also important to watch. The single most important support level below price right now is 4336, a very significant level. Its defense is crucial for the broader bull market.
Support Levels
Supports are: 4366 (major), 4353 (major), 4341, 4335 (major), 4322, 4315-13 (major), 4297, 4290 (major), 4280, 4268, 4253 (major), 4232-37 (major), 4212, 4205, 4190 (major), 4175, 4165 (major), 4150.
Resistance Levels
Resistances are: 4377, 4383 (major), 4393, 4400, 4415-4418 (major), 4431, 4439, 4449, 4460-65 (major), 4477, 4484 (major), 4496 (major), 4507, 4523 (major), 4531, 4539 (major).
Trading Plan
The bull case today would see a base build in the 4353-4383 zone, then a push higher. The push would be level to level, targeting 4393, then heading up to 4415-18. The bear case starts on the fail of 4335. A higher risk short is at 4353.
Wrap Up
If 4353 fails, we retest 4335, which is a must hold — if that fails, we fall to 4322, then 4313-15.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision
Last week ended with significant selling, the most we've seen since the bull market began nearly a year ago. The selling was anticipated due to a breakdown of a triangle pattern after the FOMC last Wednesday. We experienced four consecutive red days, a rarity, with the largest red day since March 2023 occurring last Thursday.
Market Gauge
🔴 Bearish
The Markets Overnight
🌏 Asia: Down
🌍 Europe: Down
🌎 US Index Futures: Down
🛢 Crude Oil: Down
💵 Dollar: Down slightly
🧐 Yields: Down
🔮 Crypto: Down slightly
World News
Asian stocks lower on more problems in China’s property developers.
Key Structures
The primary pattern remains the large, multi-month triangle, which we broke down last Wednesday. Bulls need to reclaim this triangle at 4483 to set a sustained bottom. Below there, 4418 is key, with clearance triggering back to 4470+. The 4377-83 trendline, connecting the major swing lows of June 26th and August, is also important to watch. The single most important support level below price right now is 4336, a very significant level. Its defense is crucial for the broader bull market.
Support Levels
Supports are: 4366 (major), 4353 (major), 4341, 4335 (major), 4322, 4315-13 (major), 4297, 4290 (major), 4280, 4268, 4253 (major), 4232-37 (major), 4212, 4205, 4190 (major), 4175, 4165 (major), 4150.
Resistance Levels
Resistances are: 4377, 4383 (major), 4393, 4400, 4415-4418 (major), 4431, 4439, 4449, 4460-65 (major), 4477, 4484 (major), 4496 (major), 4507, 4523 (major), 4531, 4539 (major).
Trading Plan
The bull case today would see a base build in the 4353-4383 zone, then a push higher. The push would be level to level, targeting 4393, then heading up to 4415-18. The bear case starts on the fail of 4335. A higher risk short is at 4353.
Wrap Up
If 4353 fails, we retest 4335, which is a must hold — if that fails, we fall to 4322, then 4313-15.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision
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