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6/23/24 – Sunday Stock Talk Write Up

What does the market have in store for us this upcoming week? What are the important support & resistance levels to be aware of? Read the Sunday Stock Talk Write Up to find out.

The final week of June & the end of the quarter.

Will the markets see a pullback, or do we get a bit of a buying frenzy and push us back into the highs from 2 days ago that would be making history again?

I’m going to take a look at the $SPY for tonight, and base some levels around that.

A bounce early this week that can trade up into 546, and then roll over gives us room down into 540.88. On the other hand if we go lower first, and trade down into 540.88 then on the first test I would be interested in longs with a target into 546, and then the 550.12 highs would be back in the picture.

In the $QQQ we have support below at 477.29, and resistance above at 485.12. I’m not interested in doing anything until either of those levels trade. *Which I’m not thinking will happen on Monday.

In the back of my mind, I’m thinking there is a possibility we try to go higher first on the week, and then roll over to tag lower levels, and then from there we can try to rally into the end of the week.

In the $IWM I’m not interested in longs until we get over 201.49, but wouldn’t be surprised to see us trade 199.69 first. Below the 199.69 and shorts would be on the table especially if $SPY is rolling over from the 546 level.

We have a completely different picture in the $DIA at the moment, and support below is at 389.70. This level doesn’t have to trade first, BUT if we do manage to get above 394.27 on the week then we are pretty much wide open for a move into 398.79 and 400.74 which is my favorite long on the board for the indices at least.

Gold looks like it’s ready to make the move down into 2302.4 and if we can reject from 2340.1 tomorrow then I would like to be short for the rest of the week, or until we break the trend.

My crypto friends aren’t going to like me, but I think it’s possible we see a BTC move down into 52k before the next real move that gets us back towards 75k. Can we find some support around 61k on the week to get a bit of a bounce? Sure. I’d rather wait for a bit more data first though before touching it at the moment.

In the world of red impact news folders we have a couple of days to be aware of. Tuesday, Thursday & Friday have the possibility to shake us up, a bit and if there is a large move this week I’m thinking it will be on Thursday & Friday.

Individual equities look a little mixed, but there are a couple names to watch at the moment.

$AMZN – Over 190.89 it has ROOM to move towards that 200 whole number, but if we crack under 186.61 then longs are off the table.

$GOOGL – There is room to test that 181.86, and could get some legs to it if it’s timed with the market.

$PANW – This is a favorite, and the real move gets started up over 325.11, but early entries over 321.32 would put longs on the table.

$SNOW – There isn’t much in the way of shorts, but under 125.12 at some point and we open the door for MUCH lower. Going to set alerts for this level to break, and just wait.

Futures are already getting some movement in the overnight session, so I think we will have a nice week on our hands, but I’m also going to stay patient and wait for the levels mentioned above to test, and everything to come together.

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