Is the Market Bullish Now?
$S&P 500(.SPX)$ : The sell-off neared $6,344. When analyzing the body of the candles on the 4-hour chart, $6,386—a bearish layer provided last week—acted with precision as a bounce point in confluence with the monthly central level of $6,393.7. The bounce recovered $6,465, the central weekly level we use as our "bullish above / bearish below" mark, which set the price to reach its bullish target for the week, $6,502.6, on Thursday. The overextension on Friday anticipated a reversal that was posted in the paid subscribers chat, with the central weekly level ending the week as a key support.
$Broadcom(AVGO)$ : In Wednesday's fundamental analysis for this company, I anticipated a move toward $345 considering the strong fundamentals of this company, the mark was reached today without pulling back. This metric was based on the same model of Support and Resistance levels.
$NVIDIA(NVDA)$ : The stock found support at $166, a level provided last week, and the daily chart showed a hammer candle.
The list continues for over 40 securities. Price moves from level to level, and news acts just as a catalyst. When you have these levels, you have an edge because you can anticipate the next destination when a level is crossed or when the price reverses from a level.
Is the Market Bullish Now?
This is the summary of the last five trading days per sector, tech $Technology Select Sector SPDR Fund(XLK)$ is not exactly the hero and financials as a key thermometer of the economy declined, Communications closed in the green given the rally in $Alphabet(GOOG)$ $Alphabet(GOOGL)$ .
Here is where the major indexes closed today:
The Dow Jones Industrial Average $Dow Jones(.DJI)$ fell 220 points, or 0.5%, to 45,401.
The S&P 500 $S&P 500(.SPX)$ lost 0.3% to finish at 6,481.
The Nasdaq Composite $NASDAQ(.IXIC)$ ended the session nearly flat (-0.03%) at 21,700.
$Microsoft(MSFT)$ $Palantir Technologies Inc.(PLTR)$ $NVIDIA(NVDA)$ declined as anticipated in the Weekly Compass, tech looks neutral as a group since its players are in different stages considering $Alphabet(GOOG)$ $Alphabet(GOOGL)$ $Apple(AAPL)$ $Broadcom(AVGO)$.
Reflecting the rate cut expectations, the U.S. Treasury market saw significant buying, pushing yields lower. The 10-year note yield dropped nine basis points to 4.09%.
Stocks that mitigated the bearish reversal:
Broadcom (AVGO) was a standout performer, rising 9.1% after reporting strong earnings, impressive AI revenue, and a new $10 billion AI order from a customer believed to be OpenAI. We covered the company in our Wednesday Fundamental Analysis edition.
Tesla (TSLA) gained 3.6% after its board proposed a new long-term CEO compensation package potentially valued at around $100 billion.
Oracle (ORCL) climbed 4.3% following price targets raised from Cantor Fitzgerald and Guggenheim.
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