$SPX Bounce Holds, $LLY Setup Plays Out, $NVDA Tests Key Support

SmartReversals
01-16

1. $S&P 500(.SPX)$

The hammer candle formed yesterday after bouncing from the 20DMA in confluence with $6,912 (one of the levels for this week) suggested a continuation for the bounce.

The futures are suggesting the thesis is valid. Despite of the red day, breadth improved.

2. $Eli Lilly(LLY)$

Each week I post high-probability setups. Eli Lilly was on the list with a $1,020 target (-4% move).

The setup is playing out. Neutrality: I was bullish for several weeks and capitalized on the momentum. The reversal was anticipated again🎯

3. $NVIDIA(NVDA)$

NVDA is a textbook case of why chasing premarket rallies is risky. The rally faded completely to print a shooting star.

Now, the key is watching if price penetrates that major support cluster, where the moving averages align with the shelf PoC. Gap fill and bounce?

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