Here We Go Again In The Market. Another Critical Support Level Being Tested.

Welcome back everyone! Let’s take a look at several things tonight. We will discuss different stocks and the market as a whole.

We weren’t able to get what I was looking for today. We couldn’t get above the 69 level today. It briefly got above that, pulled back, and didn’t take off again. That could’ve led to some great long side trading opportunities. The RUSSELL has been pretty sleepy as well.

I want to see this break above the highs on the NASDAQ and RUSSELL. At the same time it would need to get above the falling resistance since we set new levels today. The volume will likely dry up heading into the holiday. Some news could lead to some wild swings. If we start breaking down below the lows going into Monday, I will see that as a short opportunity. I will be very quickly monitoring my stops. We still have some big distribution bars on several of the key indices. There is just major support below on those. We held on the NASDAQ and bounced back up. We still have one or more institutions driving this back up. There isn’t any proof that they are done. I am going to be cautious if we get down in that area to make sure there isn’t another major spike coming.

Goldman Sachs is really on my mind right now. If you have been following my videos you know that I have been warning you all about Goldman Sachs. I have been watching the 240 – 245 levels. We sure enough held that resistance. It could not retest those highs. It just died a horrible death. We have come all the way down to 200 dollars. That is around 45 bucks since we were talking about Goldman Sachs. I said that I was watching the levels to see if it got the break. It just didn’t.

We are at psychological round number support around 200 dollars. We are also testing the weekly 200 day moving averages. Will we immediately spike above the 210 level next week? That could set up plunge protection teams to kick in. Otherwise will this 210 level become resistance and we break down below 200? That could imply there might be lower prices than that in the market.

I have been telling you all for month after month that we have had major emphasis on Goldman Sachs. I’ve been saying watch out because it keeps failing. The market has been under pressure as well. For now, the magic level for me is the 200 level. The answer to that questions might tell me more about the directional opportunities in the markets.

Amazon is another key one that is struggling right now. It broke through the 200 day moving average and it is trying to make it resistance. There is a really strong area of resistance. Long side trades could be very dangerous at this point. There is a big fat accumulation bar on a weekly basis. That is just a key support area. If it fails to hold that Amazon could see much lower prices.

That is a common thing with some of the FANG Stocks. Facebook has been going lower and lower. It is hitting the key resistance levels and rolling over. It better hold the 200 week resistance or this could spell significant trouble for the FANG Stocks.

Netflix broke down, rallied back up to resistance, and pulled away. It also has a big fat accumulation bar. It is a real do or die area. If the FANG stocks and Goldman Sachs are like this the market could find massive rallies or start gearing up for big sell offs. Make sure you stay tuned because there could be some great trading opportunities to come from this. I have given you some of the areas that I am watching on some of the key FANG stocks and Goldman Sachs. That hopefully will give me some directional insights as well. I look forward to seeing you in the upcoming videos.

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