The market opened with bullish momentum, just as anticipated in Friday’s Support and Resistance Levels edition, published at 6:00 PM ET while extended-hours trading was still active:
“Both indices ( $S&P 500(.SPX)$ and $NASDAQ 100(NDX)$ ) breached their daily lower Bollinger Bands; a technical bounce is likely before broader volatility resumes.”
I also addressed this setup in Saturday’s Weekly Compass, noting that relief rallies in both the SPX and $Invesco QQQ(QQQ)$ were likely to stall at their respective Central Weekly Levels (CWL).
Both moves faded at the projected resistance levels. QQQ peaked at 699.4, just 0.6 points below my 700.0 target. The SPX was rejected directly at a key monthly level.
These failed rallies underscore the fragility of the current market structure. We continue to monitor a focused watchlist for sector rotations and opportunities on both the bullish and bearish sides.
It’s only Monday, but several targets have already played out:
🟢 $Amazon.com(AMZN)$ reached 254, delivering the projected +3.0% move.
🔴 $Microsoft(MSFT)$ hit 510, matching the projected -2.2% downside target.
🟡 $SPDR Gold ETF(GLD)$ (+1.6%) and $iShares Silver Trust(SLV)$ (+2.2%) both followed the tactical mean-reversion setups outlined over the weekend. The next test is whether they can hold their reclaimed levels.
Not every ticker carries the same directional bias across technical indicators. Modeled support and resistance levels help define objective entry conditions, validate setups and establish realistic targets around price levels where institutional algorithms are active.
The key now is whether these rebounds can hold—or whether broader volatility resumes.
Markets are always moving - and sometimes, the best move is knowing what works for you.
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