Markets Rebound Off Key Support Levels Just In Time

Welcome back everyone!  Let’s take a look at a handful of instruments today!

The markets came back from the key support levels that we have been indentifying the past few days.  We have talked about long term support on the S&P.  The RUSSELL had previous support from a few days ago.  The long term support on the DOW was holding in at the last moment.  The NASDAQ is also holding in there.

If we had broken down below these major levels it could’ve resulted in a much different panic sell.  Magically, the plunge protection teams came in and take us as far as it could take us without pushing us over the edge.

I want to see if we can get back above some of the key levels I just highlighted.  We are already above there on the DOW.  We are right there on the NASDAQ, and I want to see follow through as well.  We are already at or near some key places for buying if we can get some follow through into tomorrow’s session.  I want to keep watching to see if it happens!

We had identified areas on the Euro a while ago that we wanted to get above for continuation.  We ended up getting those levels.  Now we have heavy distribution that is just below the 120 level.  We really want to get above that on a weekly basis.  If that happens, it could possibly bode well for even higher prices.  Right now the long term resistance is just that, resistance.  We could easily push down because of the long term resistance that magically appeared.  We are at a very important point in the EURO.

People have been asking about shorting SBUX.  In my personal opinion, not yet.  Just like we were at those key support levels on the Stock Indices, we have the same thing here.  We have the Hoffman Inventory Retracement Bars of the accumulation type.  They are magically near support levels.  Until we can break down through the 50 dollar area, I will not be super aggressive to the short side.

Just like Apple, I wanted to get above the 160 level on BABA.  That did actually happen and now it is running away.  There were green dots and green bars. The stochastics are buried at this point.  I would look for a pullback first.

You guys have a phenomenal night and I look forward to seeing you guys in the upcoming videos!

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