Volatility is going to continue to dominate the markets with fundamental factors such as the ongoing Ukraine-Russian War, Inflation headwinds, and instability around the globe. Future downside risks are 100% a possibility at this point, using the proper risk management techniques could quickly help to offset any losses.

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Broad Market Analysis

/SPX500USD: SP500

Another new all time high for the SP500 last week, which is no surprise to be honest.
As long as the SP500 can hold $6050 going forward, expect continued higher prices of $6100/$6150 to be met in the near future.
If $6050 cannot hold this week, look for a pullback down to $6000. Anything under $6000 and expect a move to the most recent higher low at around $5850/$5900. Any move below $5850 would call for lower targets of $5800/$5750/$5700 as well.

/SPX500USD: SP500 ABOVE 50-DAY AVERAGE

Short term breadth failed to move higher above 72.50% resistance last week and broke below 65% support, which is interesting to say the least.
With the market making new all time highs last week, it seems like the MAG 7 are once again carrying the market while other names are selling off.
With that in mind, for this week if short term breadth can hold 55%, expect a move to retest 65%-72.50% in the future.
If 55% cannot hold as support, expect a move to 45%/40%/35%/30% in the future.

/SPX500USD: SP500 ABOVE 200-DAY AVERAGE

Long term breadth was unable to break over 75% major resistance last week, which led to it closing near 70% last week.
If 70% remains as resistance, expect a move down to 65%-60% in the future.
If 70% can be reclaimed, expect a retest of 75% in the future.
Once again, as long as long term breadth remains healthy within this range, the market will continue to look extremely bullish.

$US30: Dow Jones Industrial Average

The Dow failed to move higher above $45000 last week, but continues to look strong overall.
For this week, as long as $44000 can hold as support, look for continued moves higher to $45000/$45400-$45500.
If $44000 cannot hold as support, look for a move lower to test $43500/$43000. Anything below $43000 would call for a further pullback down to $42500/$42000/$41750 in the future.

$IXIC: Nasdaq Composite

My god the Nasdaq is doing it right now! Last week the Nasdaq had an insane candle with the likes of the MAG 7 pushing higher, which is beautiful to see.
With the move above $19250, the Nasdaq moved quickly above $19500 and is inches off of $20000 as of writing this.
For this week, as long as $19250 holds, expect a move to $20000. Anything over $20000 and targets would be $20250/$20500/$20750/$21000 and potentially higher.
If $19250 cannot hold as support in the future, expect a move lower to $19000/$18750/$18500 in the future.

$US2000: Russell 2000

The Russell was unable to break over $2450-$2460 last week and broke lower. With that though, the Russell remains extremely strong as on the cusp of a major breakout.
For this week, if the Russell can break and hold over $2450, expect a move higher to $2500/$2550/$2600 in the future.
If the Russell cannot break over $2450, expect a retest of major support below at $2400/$2350/$2300 in the future.

$VIX: Volatility Index

Just as anticipated, the VIX pulled back last week after $14 was broken as support.
For this week, if $14 continues to act as resistance, expect a move to $12 major support.
If $14 can be broken and held as support, expect a retest of resistance above at $16/$18.
Considering $14 has broken, $12 would easily be the next level to target considering it held here for months at the beginning of the year. If $12 cannot hold, we could see $11/$10 and potentially lower on the VIX.

$XAUUSD: Spot Gold

Gold did literally nothing last week and is setting up a tightening range at the moment.
For this week, if $2700 can be broken and defended as support, expect a move to $2800. Anything over $2800 and targets would be $2850/$2900/$2950/$3000 in the future.
If Gold cannot break over $2700, expect a retest of the most recent higher low at $2550/$2600 or so.
Anything under $2550 and targets would be $2500/$2450/$2425 in the future.

$XAGUSD: Spot Silver

Silver once again held major support at $30 last week, which is still presenting a nice trade setup.
If $30 can continue to hold going forward as support, look for a move higher to $31/$32 in the future. Anything over $32 and targets would be $33/$34 in the future.
With that, if Silver cannot hold onto $30 in the future, look for a move lower down to $28/$27.50/$27/$26.50 in the future.

$DXY: US Dollar Index

The US Dollar held on to $106 last week after it broke lower last week, which is a good look for the US Dollar if $106 can continue to hold as support.
If $106 can hold this week as support, look for a retest of $108. Anything over $108 and targets would be $110/$112/$114 in the future.
If $106 cannot hold as support, look for a move lower down to $105/$104/$103 in the future.

$USOIL: Crude Oil

Crude Oil continued moving lower last week, which is not a good sign for Crude Oil as it looks like it's ready to roll over entirely.
For this week, if $67.50 can hold as support, look for a move higher to $70/$71 in the future. Anything over $71 and targets would be $72.50/$75/$77.50 in the future.
If Crude Oil cannot hold on to $67.50 in the future, this would be incredibly bearish and targets would be $65/$62.50/$60 in the future.

$US02Y: US Government Bonds - 2-Year Yield

The 2-Year broke below major support at 4.15% last week, which is showing a potential tightening range here in the future.
For this week, if 4.15% can be reclaimed as support, look for a retest of 4.30%. Anything over 4.30% and targets would be 4.50%/4.60%/4.75% in the future.
If 4.15% cannot hold as support or 4.15% is rejected as resistance, look for a move lower down to 4%/3.80%/3.60% in the future.

$US10Y: US Government Bonds - 10-Year Yield

The 10-Year continued lower last week as it was unable to break over 4.25% major resistance, which is also showing a potential tightening range setting up here for the future.
For this week, if the 10-Year continues to get rejected by major resistance at 4.25%-4.30%, expect continued moves lower to 4.10%/4%/3.90%/3.75%/3.60% in the future.
If the 10-Year can recover above 4.25%-4.30% and hold it as support, look for a retest of 4.50%. Anything over 4.50% opens the door to 4.60%/4.80%/5% in the future.

Technical Analysis

$ZS: Zscaler

ZS had earnings last week & printed a nice failure to go lower bullish hammer. We are looking for that candle to get continuation to the upside this week.
Over last week's high would trigger this weekly buy setup with targets of $215.14/$220.18 & $227. Over the next few weeks/months, seeing a retest of the recent highs near $260 also makes sense.
We have a zone of support at $206.27-$208.90 so ZS needs to hold this zone for longs.

$AMD: Advanced Micro Devices

AMD has been lagging the overall market for a few months now. Last week while NQ & ES made new all time highs, AMD failed to do so. They spiked with a failure to go higher which could be key for the bears this week.
If that test higher proves to be what the bears needed for a breakdown outside of this consolidation, we could see a monster move this week.
We need AMD to break & hold under $137.19 for shorts. We have a quick target at $133.40 that is also massive support…so if AMD can also get continuation under that level, we should really start to see the bearish momentum pick up. $127.74 & $123.48 are also targets w/resistance at $140.46-$142.14.

$SNOW: Snowflake

SNOW is back on this week's watchlist. It barely began to break out at the end of last week, but we still think that move we predicted last week can happen.
The daily chart is consolidating once again, but if SNOW can break & hold over $186.90, then we should see the move we wanted. Look for targets of $193.05/$197/$201.42.
Our prior resistance turned support at $178.70 is now the key support level SNOW would have to hold in order to keep longs on the table.

$LLY: Eli Lilly

LLY is on short watch this week after failing this daily buy setup at resistance on Friday with that inverted hammer candle. If LLY can break & hold under $817.46, then we love some shorts down to our targets.
Look for targets of $800-$797/$785/$770. LLY has resistance at $840/$851…acceptance above those levels & shorts are off the table. We would not even be opposed to longs above there as well.

$TSLA: Tesla

We’re officially up $200 a share and $10 away from NATH on this simple trendline.
Our final levels for TSLA are $386.35 and then $414.50. We’re above the first one already, now it’s time for all time highs. We will continue to hold shares for the ATH breakout, but we have locked in some profits on this trade already.
Dream scenario is a pullback to $374 so we can swing some options for the next ATH attempt, but that might be too large of a selloff to ask for. We’ve got targets that were already hit near $380.34, $382.05 and $386.35 that we can use for the same setup, but it’s higher risk compared to $374. The ultimate target is a long swing for the ATH test.

$MSFT: Microsoft

Microsoft is another big tech name breaking out from a big period of consolidation. We’re a little late to the party, but might be able to capture some meat over the next few weeks if this is the run up to NATH.
Looking for acceptance over $444.84 with targets of $447.92 and $449.56.
If we gap up massively tomorrow, we can use $447.92 as the new trigger, with $449.56 as PT 1 and $454.31 as PT 2 since it should be showing strength. Happy to take a pullback entry near $442.50 as well if it presents itself. The ultimate target is to treat this like the start of the run to $468.35, if you see this blowing past PT’s remember names are squeezing hard right now and could yield higher moves!

$AMZN: Amazon

Google looks incredible for a long term investment still.
It’s not as strong as other tech names right now, but it’s got an all time high neckline break that it retested perfectly and it’s consolidating before attempting to clear the monthly candle highs near $183.
We’ve got a trigger near $182.12 and could see a parabolic move up into $187.50 and $191.18 after that triggers. However we’re a little far from that, we could also take a pullback near $171 if it presents itself and shows a bounce near that price.
Either way, might not be the setup for weekly options, but long term looks amazing for new all time high just before the new year or close after.