The S&P 500 and Nasdaq 100 indices may be setting up for a potential bounce off major areas of support. In our new video, unlock the key price levels that swing traders must watch in the coming days.
Are you feeling the weight of recent stock market weakness? If so, our latest video is a must-watch, as we unravel the major support levels that could potentially bring relief to traders like you.
Over the past month, the S&P 500 ($SPY) and Nasdaq 100 ($QQQ) ran into a wall, as they approached their 50-day moving averages. The consequence? A consistent downward trend with investors opting for the exit, accompanied by rising trading volumes.
But now the benchmark S&P 500 Index is inching closer to a pivotal juncture. It’s right at the doorstep of a substantial support zone, as defined by confluence of its 200-day moving average and 50-week moving average.
This technical setup may offer exciting and relatively low-risk entry points for swing and position traders considering new long positions. However, be vigilant because a quick exit strategy is imperative if the support levels falter.
Our exclusive new market analysis video dives deep into the critical charts of the S&P 500 and Nasdaq, shedding light on these pivotal support levels. We also alert you to the relative weakness in Russell 2000 Small-Caps ($IWM), which is currently following through on a bearish head and shoulders pattern.
Check out our powerful new video for the key details you need to know now:
At MTG, we’re dedicated to empowering you with actionable trading insights. Our video doesn’t stop at mere market analysis; it equips you with strategies and knowledge to Trade With Confidence.
So, whether you prefer a hot cup of coffee or a refreshing cocktail, get comfortable and join us as we dive into the potential future scenarios and the best ways to navigate the current stock market dynamics.
Remember to trade what you see, not what you think!
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Stock Alert: S&P 500 and Nasdaq Nearing 200-day MA Support – What’s Next for $SPY and $QQQ? was first posted on October 9, 2023 at 11:02 pm.
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