Goldman Sachs And The New Key Stock Market Levels You Must Know Now

Welcome back! Let’s go ahead and take a look at a few things you need to know about the current market!  We now know that we have had this massive 15 month plus triple top resistance area right now.  The market is really struggling in this area.  Let’s go ahead and drill into the area a little bit closer where it really struggling and why.

Underneath us, we have that long-term rising support.  You can see here, the S&P, the Russell, the Dow, and the Nasdaq.  Ok, we have rising support.  This is Goldman Sachs over here. So, we have long term support underneath us, at the same time we have some recent resistance coming down on top of us here.  After the recent technical damage, you can see Goldman Sachs has some real long-term heavy-duty resistance. In fact, every time we kind of come up there, we get killed back off again. So goes Goldman Sachs, so goes the market as you have often heard me say.

With these negative divergences taking place, we are making higher highs in price, but lower highs in indications.  That’s put us under pressure when the Dow hits major support levels where the market found major support, but, and there is a major but there, now we are trapped back under and in these key resistance levels.  So, if you are looking for a glimmer of hope on the long side.  What your looking for is to start breaking above these main areas on Goldman Sachs here.  Those key levels are 202 and 206 respectively.  As your looking at the Nasdaq, you’re going to want to see us break above the 7600 area here, it pulled back and it showed us that support and started to take back off.

Look at the Dow, 26,200 will be a Key area to hold above.  Now, remember though 27,000 is going to be a key area.  In a bigger context that is that 15-month resistance we have been talking about. So, the Dow futures you have to watch in a couple of different ways there.  As far as the Russell is concerned 1580 will be a key area and on the S&P futures, really roughly that 2900 level that is going to be key.

So, remember those numbers because that’s going to be a big deal as you can see.  We have very clear well-defined resistance levels and at the same time, we have very clear and defined support levels.  So, you are looking for the big breakout or breakdown.  And now even with Goldman Sachs, which is a big tell for the market, you can see how its getting coiled up.  I told you this is going to be a fun summer here.  We are going to make it more fun here next week.  So, what we are going to do is have a three-day training event, doing live trading, I will be doing live trading next week Tues, Wed, Thurs.  So, all you BBT insider members get ready and get geared up for that.

You saw what happened this morning.  The market opened and we got a big fat buy signal on our Trader Rescue Package.  Went ahead and just fired away and didn’t look back.  Went ahead and had all sort of signals I teach you guys here in these nightly videos all the time.  Inventory retracement bars, reverse inventory retracement bars, gotcha bars, all sort of great continuation patterns here after breaking out to the upside.  Then it finally backed off there into the lunch hour and started to go ahead and pull back.  So really great stuff, we are going to keep talking about it.  Now you have the key levels of support and resistance here. Goldman Sachs and the key market levels and why we are so heavily focused on that intraday trading activity as well.  It should be a phenomenal summer.  I’m looking forward to having you with us and looking forward to having all you BBT insider member with us next week! Take care everyone, have a great evening!

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