Indices Surge as Key Weekly Levels Validate Bullish Momentum

The indices delivered: $S&P 500(.SPX)$ jumped 3.7% and $Invesco QQQ(QQQ)$ gained 4.9%. Last Saturday, I specifically highlighted my high conviction bullish view on $iShares Russell 2000 ETF(IWM)$ , which rallied +5.6%.

The Momentum Map also identified growth in $Wal-Mart(WMT)$ +4.9%, and signaled $Meta Platforms, Inc.(META)$ which I have been mentioning that it will move like $Apple(AAPL)$ and $Tesla Motors(TSLA)$ did months ago, the stock jumped +9%.

Today’s publication provides Support and Resistance (S/R) levels for both next week and the full month of December. These levels are essential for assessing technical setups and the Momentum Map.

For example: when a stock is in the oversold quadrant AND the technical setup suggest a bounce (like last week for META and others), the central weekly level acts as a simple validator: “bullish above” and “bearish below.” The subsequent levels then serve as actionable targets for both support and resistance.

The central weekly levels for the week that just ended were $661.8 for SPY, $594.9 for QQQ, $234.5 for IWM, $595.7 for META, $49.7 for IBIT (Bitcoin ETF). These lines successfully acted as support, thereby validating the technical signals for subscribers.

Stocks like $Broadcom(AVGO)$ , and TSLA recovered their central levels at $349.4 and $401.3 respectively. Last Saturday I mentioned that a green week for TSLA was possible, and that possibility is validated at the moment that the central weekly level is in support mode.

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Indices Surge as Key Weekly Levels Validate Bullish Momentum

For SG users only, welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with upcoming 0-commission, unlimited trading on SG, HK, and US stocks, as well as ETFs. Find out more here.

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