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Why SPX 3995 Matters Now


SPX futures are up 18 after hitting a low of 3943 Friday. The Oscillator hit -62. I'd think any bounce gets contained into the 4028-4047 area. If it gets rejected at the 3995 pivot, I'd think Friday's low breaks sooner rather than later. I didn't put the BOS account to work yet. We’ll see how things look closer to 3885 .

SPY started a new bearish active sequence on February 16 when it closed under $409.50. On Friday it hit $393.64 and gave a green candle. Some took it for an oversold bounce. I'd trim some. $399.75 is resistance. If we rally for a day or so, bears will need to reject the $401-$402 area to keep control

QQQ's broke $303 on 2/16 to start a downside active sequence. It hit $290.05 Friday. I did buy some late afternoon because things felt oversold enough. I did trim some at $293.50+ this morning which I always do when a gap is in my favor. I'd think any rally would get rejected into the $296-$298 area this week. Watch the leaders for clues.

Now let's look at some individual names:

TSLA gave a Red Dog Reversal sell at $214.66 and worked its way down to $192.80 on Friday. It showed some relative strength to get some back long into today. I'd trim some and see how it feels. The March 1 event is almost here. How it responds will be big for sentiment. $205ish is resistance.

AAPL broke its accelerated trend. On Friday it made a low of $145.72. If we get a rally attempt. $148.50-$149.80 is key resistance.

NFLX gave clues that stocks can have upside after earnings In January. On 2/16 it resolved the inside range lower and made a new monthly low at $314ish. There's some room to bounce toward $330ish.

META has grinded lower since hitting $197+. Recently it hit $167.66 to trade against Maybe it can get and stay above $173.50 to act better again.

Scott Redler's positions disclosure as of 2023-02-27 at 7.26.30 AM

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