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Broad Market Analysis

/SPX500USD: SP500

The SP500 found some resistance last week at the $6900 level of resistance, which will be the line in the sand going forward.
After closing below $6800, if $6800 remains as resistance, look for a retest of $6700/$6600/$6500 in the future. Anything below $6500 and targets would be $6400/$6300/$6200/$6150 in the future.
If $6800 can be broken and held as support, look for a retest of $6900 resistance. Anything above $6900 will lead to a move to $6950/$7000/$7050 in the future.

$S5FI: SP500 Stocks Above 50-Day Average

Short term breadth managed to hold support at 40% last week, with a nice little hold of support to close the week.
For this week, if 40% can continue to hold as support, look for a move higher to 55%/65%/72.50%/75% in the future.
If 40% cannot hold as support in the future, look for a move lower down to 35%/30%/25%/20% in the future.

$S5TH: SP500 Stocks Above 200-Day Average

Long term breadth managed to hold onto key support at 50% last week, which is a good sign for the bulls as long as this level can hold going forward.
For this week, if 50% can hold as support in the future, look for a move higher to 55%/60%/65% in the future.
If 50% cannot hold as support in the future, look for a move lower down to 40%/35%/30% in the future.

$US30: Dow Jones Industrial Average

The Dow got rejected off of $48000 resistance last week officially, with a nice little gap fill as well to close the week.
For this week, if $47000 can hold as support, look for a move higher to $47500/$48000 in the future. Anything above $48000 and targets would be $48500/$49000/$49500/$50000 in the future.
If $47000 cannot hold as support in the future, look for a move lower down to $46500/$46000/$45500/$45000.

$IXIC: Nasdaq Composite

The Nasdaq officially reacted to the key level of resistance at $23750-$24000 last week, with a nice little rejection candle down to $23000.
For this week, if $23000 can hold as support, look for a move higher to $23500/$23750/$24000 in the future. Anything above $24000 and targets would be $24500/$25000/etc.
If $23000 cannot hold as support this week, look for a move down to $22500. Anything below $22500 and targets would be $22000/$21500/$21000 and potentially lower in the future.

$US2000: Russell 2000

The Russell closed below $2475 major support last week and barely closed above $2450 after it sold off last week.
For this week, if $2450 cannot hold as support, look for a move to $2400. Anything below $2400 and targets would be $2350/$2300 in the future.
If $2450 can hold as support this week, look for a retest of $2475. Anything above $2475 and expect a retest of $2500/$2550 in the future.

$VIX: Volatility Index

The VIX managed to close above $18 major support last week after it got as high as $23 last week on some sell side action from the bears last week.
For this week, if $18 can hold as support, look for a move higher to $20/$23.50 in the future. Anything above $23.50 and targets of $25/$27.50/$30 are on the table as well.
If $18 cannot hold as support, look for a move lower down to $16/$14/$12 in the future.

$XAUUSD: Spot Gold

Gold is still holding above $4000 support as of right now, which is the line in the sand for Gold going forward.
With that, if $4000 can hold as support going forward, look for a move to $4100/$4200/$4300/$4400 in the future.
If $4000 cannot hold as support in the future, look for a move down to $3750/$3500 in the future to test major support below.

$XAGUSD: Spot Silver

Silver is still holding $48, which is a key level of support for Silver to be holding.
If $48 can hold as support in the future, look for a move higher to $50/$52/$54 in the future.
If $48 cannot hold as support, look for a move to $46. Anything below $46 and expect a move to $44/$42/$40 in the future.

$DXY: US Dollar Index

The US Dollar failed to break over $100 last week, but it continues to trend higher week after week.
With that, if $100 can be broken this week, look for a move to $101/$102/$103 in the future.
If $100 cannot be broken and remains as resistance, look for a move down to $98. Anything below $98 and targets would be $96/$94 in the future.

$USOIL: Crude Oil

Crude Oil fell lower last week, with it closing right below $60 last week to end the week.
If $60 can be reclaimed by the bulls and held as support, look for a move higher to $62.50/$65/$67.50 in the future.
If $60 remains as resistance, look for a move lower down to $57.50/$55 to test the most recent higher low of trend. Anything below $55 and targets would be $52.50/$50/ and potentially lower in the future.

$US02Y: US Government Bonds - 2-Year Yield

The 2-Year failed to break over 3.60% resistance last week, but it is still above key support of 3.50% which is a good sign for the bulls in the short term.
If 3.50% can hold as support going forward, look for a move to 3.60%. Anything above 3.60% and expect a move higher to 3.80% in the future.
If 3.50% cannot hold as support in the future, look for a move down to 3.40%. Anything below 3.40% and expect a major move lower down to 3.25%/3%/2.75% in the future.

$US10Y: US Government Bonds - 10-Year Yield

The 10-Year failed to break over 4.10% resistance last week, but remains pretty much unchanged from last week.
For this week, if 4% can hold as support, expect a test of 4.10%. Anything over 4.10% and expect a move to 4.20%/4.25%/4.30% in the future.
If 4% cannot hold as support this week, look for a move down to 3.90%/3.75%/3.65% in the future and potentially lower as well down to 3.35% or so.

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Technical Analysis

$PANW: Palo Alto Networks

We're going to start off with $PANW to start off this week's watchlist! Really like the daily structure, especially off of this trend line hold that could repeat what happened the last 2 times we tested this trend line.
The higher time frames could potentially lead us to range a bit longer, but the daily could paint a better picture and could see a bounce on the shorter term.
Holds of $208, and acceptance over $212.68, we have room to $215.2, $217.06, $220.7 with ATH's at $223.61.
Failure to hold $208.08, we could revisit $204.64, $202.25, and $199.55.

$SNOW: Snowflake

There are lots of failure to go lowers on the daily chart across the board, but $SNOW stands out the most to me based on structure.
The support/resistance flip has my attention based on the past resistance $250/$255 area.
If we can hold above $255, and accept over $262.52, we have a target at $269.26, $273.7, $278.47. Clearance of $278.47, we have room to $290.96.

$WMT: Walmart

We added Walmart a few ago and were able to snipe the ATH push, and now it has retested the same area again but can't tell if strong support will hold or if we are bear flagging for a leg down.
Higher time frames could suggest a move lower since the weekly has a 3 bar play ready to play out, with the monthly looking to trigger a pullback.
As long as Walmart can hold $100.21, and accept over $103.04, we have targets at $104.07, $105.82, $107.07, and $108.04.
If we harshly reject $103.04, and break below $101.71, we have room to $100.21, $98.55, $97.4, and $96.1.

$PLTR: Palantir

Our cup and handle breakout worked great. We saw a $27 move to the upside leading up to the most recent earnings report, but saw a nasty selloff after earnings, and saw multiple reports about Michael Burry stacking a new short position against PLTR.
We closed the week right around the previous support near $175.
We’re looking for acceptance over $178.4, and then a retest around that area since it’s very close to spot price. We have levels near $184, $188, and $190.60 to use as targets.
Otherwise, we’re looking for acceptance below $170.23, if we see that, we have levels near $168.3, $164.75, and $161.42 to use as targets to the downside.

$TSLA: Tesla

All things considered, TSLA still looks fantastic on higher time frames, and we’ll continue to think that so long as we’re above the 22’ and late 24’ highs around $400.
That could change quickly if we see capitulation below $428.25 or a rejection around $432.4. We have levels near $424 as our initial target, followed by levels down to $412.6 and $406.7.
If we see acceptance above $432.4, then we have levels near $440 and $451.1 to use as targets on a bounce. However, it may take a week or two before testing levels near $462.18 and $469.31, just under the previous all-time highs.

$COIN: Coinbase

COIN is sitting right around the August support, just under $300. We could be looking for yet another bounce around this level, or we could finally capitulate below it.
Here’s where things get interesting and a little wild.
For the downside, we’re looking for rejection of $324 OR capitulation below $292. Our first level we have as a downside target below that is $249… so we will have to look for some psychological numbers as targets like $280 / $270 leading up to that.
For upside, we can’t get bullish until we see acceptance over $324, and we have a quick level at $331.72 before our other levels near $350 and $360.
Either way, the levels are far from their triggers and risky, but this looks like it could be setting up for some large moves where even a piece of a large move could be huge.