Bearish Engulfing Candle: Key Levels Held Strong
Thursday printed a bearish engulfing candle, usually a scary candle for bulls, however price was far above the central S/R level, if you used the coordinates provided last Friday, you were confident that the main bearish validation was far from the decline.
$222.8 for $Apple(AAPL)$ , $37.7 for $VanEck Gold Miners ETF(GDX)$ , $116.8 for $NVIDIA Corp(NVDA)$ , and $5480 for $S&P 500(.SPX)$ were levels that were not breached, and even $210.2 for $Tesla Motors(TSLA)$ acted as a bouncer.
Equities also included: $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $iShares Russell 2000 ETF(IWM)$ $DJIA(.DJI)$ $Silver - main 2409(SImain)$ $E-mini S&P 500 - main 2409(ESmain)$ $E-mini Nasdaq 100 - main 2409(NQmain)$, all the Mag 7, Bitcoin and Ethereum.
Check the lows of the week that just ended and see how important is to use these references to avoid panicking or to consider seriously to take some action.
Last Wednesday in the educational content I provided my view about the next destination for SPX; the methodology is the same I used when I anticipated in March 2023 (back then in social media) the $4607 reversal level, from which the correction started; and the $5451 level that was temporarily crossed in July but it was a good reference for a pullback.
https://smartreversals.substack.com/p/s-r-levels-aug-26th-30th?utm_source=profile&utm_medium=reader2
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
