I’ve been studying charts for 32 years now, as you can see week in and week out when I give you levels that’s where price tends to settle for a fight between the bulls and bears.

SPX – the trend was broken to the downside. 7,626 support was broken, it held a few times until this past Friday. Next supports 7,475 FIB levels, June low, & trendlines, 100 & 200 DMA. Resistance; 20 & 50 DMA and all-time high then dotted trendlines. (Keep an eye out on the 10-year yield, is it rising? If so, that can be a negative for equities. Watch earnings and MAGS ETF.)

I see a debate in technical analysis; are we in wave 5 or wave 3 in Elliott waves, if we’re in wave 5 this is all she wrote, if it’s wave 3 & we clear the 8,500 we should get to the 12K area.

NASDAQ, made new all-time highs 4 weeks ago. Next support 200 DMA, FIB levels and yellow trendline. Resistance can be found at FIB levels, 100, 50 & 20 DMA, then trendlines & all-time highs.

DOW found support around its yearly 61% FIB level 5 weeks ago 50,642 (let’s see if that holds), next support can be found at FIB levels, 200 DMA, & trendlines. Resistance; FIB levels, 20, 50, 100 DMA then all-time high.

RUT – found support around its 61% FIB level 2 weeks ago (the DOW did the same 5 weeks ago), now we have to see if that support will hold 2,712. If you recall, the RED trendline which I mentioned was a resistance line going back to 2000, this week it held as resistance.

Resistance; at the 50 & 100 DMA, FIB levels then the red trendline & all-time high 3,069.71. (As I mentioned, if the 10-year yield is rising, that should support the bears.) I am following the small cap story to get an understanding regarding risk on or off. The RED trendline was a resistance line going back to 2000.

VIX was making higher lows as the SPY was making higher highs (which was not a positive sign for the SPY). Next support 200, 100, 50 DMA then 12.70, resistance FIB levels.

CL – This is why I watch the FIB levels, see how crude found a short-term resistance around $104.26, a level we have marked for a month (we are back at this price zone), then support around $87.23. Crude is playing the levels nicely and trading off news. Support and resistance can be found at MA, FIB levels and trendlines.

Gold found resistance around the 4,791 FIB level which seems to be a double top formation going back to May (3,516.1 is a 38% FIB retracement and 3,600 is a trendline going back 3 years). Resistance can be found at 20, 50, 100, 200 DMA, FIB levels and horizontal lines. Support; FIB levels & trendline. Read my notes on US Dollar Index.

We took out the 5% last month, next resistance levels I have are the yellow horizontal lines. Shorter term resistance 20, 50 DMA & FIB levels. Support can be found at 100, 200 DMA, trendlines and FIB levels. Probably one of the most important instruments to watch. High yields and interest rates are said to be a negative for earnings growth, primarily because they dramatically increase corporate borrowing costs and interest expenses. (Note: I am watching yields closely, ETF – HYG, due to all the debt the Hyperscalers are issuing as of late.) (The market seems to be finally paying attention to higher rates; I’ve been writing for a few weeks as we made new all-time highs in S&P and DOW.) How long can that last? The other side of the coin and what I hear analysts saying; Today is not like 2022, when the Fed was battling surging inflation with an aggressive rate-hiking cycle, the Fed may be adjusting its policy rate up toward a level that neither stimulates nor restricts economic growth.

The front end of the curve went down after the last FED meeting, 2-year yield went down and the DXY did the same. After Jackson Hole the front end went up and so did DXY.

The daily chart hit the level I gave almost exactly $101.797, came back in to the $98.5 area and now trading around the $101.797. (Note the correlation between yields and $ and inverse correlation between the $ and gold & silver.) Support can be found at trendlines & MA. Next resistance at $104.365, horizontal FIB levels & trendlines. I posted shorter term FIB levels this week. If you want the longer term FIB levels look at past articles or email me.

Bitcoin BTC stalled at 87,700. Support can be found at 100, 200 MA and FIB levels. Resistance at FIB levels & 20, 50 DMA. BTC has been playing the FIB levels nicely. Past indications of levels don’t automatically mean they will hold again.

IGV – The FIB #’s are working nicely. Next support and resistance are FIB #’s and MA.

It seems like the levels are working again, the 200 DMA was hit and acted as resistance. Support and resistance can be found via FIB #’s and MA. The prior all-time high for silver was in 2011 around $50.68, 61% FIB retracement is around $47.3. If that level doesn’t hold the next level I have is around $27.

Dollar strength usually puts downward pressure on silver prices. Silver has already broken below its July support level, which is now likely to act as resistance. Silver has maintained a strong inverse relationship with the dollar for some time.

SOX – Next support and resistance are MA & FIB levels. We closed below the 200 DMA. Note: be cautious, this sector is volatile. 9,976.11 is the 61% FIB level.

Around February time I posted a video that ORCL is approaching a major trendline around the $136 and a 68% FIB level. The stock shot up to the $247 area, and came all the way back, we broke the upward trendline to the downside (light blue dotted line), now we’re trading below that area. FIB level did not hold at $132.14, next level $121.76 (held this past week), next support after that level around the $98 and then $74. This is probably one of the major stocks to watch as it’s heavily invested in the AI buildout, I watch the credit spreads.

NVDA – Resistance 100, 50, 20 DMA then all-time high & $254.5, $265. Support – FIB levels, 200 DMA & trendlines, then $181 area. It seems the MAGS ETF was getting its mojo back last month, lately it lost its mojo. The ETF is around 34% of the SPY.

Here is the list of the stock futures trading on the CME:

AAPL, ABBV, ADBE, AMAT, AMD, AMGN, AMZN, AVGO, BA, BAC, BKNG, BRKB, CAT, CMCSA, COP, COST, CRM, CSCO, CVX, DIS, GOOGL, HD, IBM, INTC, JNJ, JPM, KO, LLY, LMT, MA, MCD, META, MRK, MSFT, MU, NEM, NFLX, NVDA, ORCL, PANW, PEP, PFE, PG, PLD, PLTR, QCOM, SBUX, SPCX, TSLA, TXN, UNH, V, VZ, WMT, XOM

Monday (November 2) — Before the Open: TEM, CIFR, EL, MAR, TSEM, IDXX
After the Close: AAPL, PLTR, O, GRAB, ON, AEHR, ROKU, VRTX, FN, BWXT, FANG, VOYG, LSCC, CLX, RIG, UPWK, WMB

Tuesday (November 3) — Before the Open: SHOP, PFE, RACE, UPST, FISV, ETN, DOCN, ET, TLN, ADM, DD, MPC, DT, LDOS, BNTX, KDP, APO, YUM
After the Close: AMD, SMCI, ANET, DUOL, ALAB, NVTS, XYZ, BKNG, TOST, OUST, RIOT, AMGN, CPNG, MOD, HL, SWKS, DNN

Wednesday (November 4) — Before the Open: UBER, NVO, MCD, CRCL, DDOG, CVS, HUT, KHC, SN, GFS, SEDG, W, EMR, NICE, GWW, SHLS, VPG
After the Close: QCOM, ARM, APP, MELI, COHR, ELF, JOBY, CAVA, COKE, FIG, UUUU, SNAP, LEU, RDW, FICO, BROS, WOLF, HUBS, SEZL, AMSC, LUMN, ALB, AMC, VIAV, ROOT, PRCT, RUN, FSLY, MSI, PAYC, Z, DAVE, CDE, BYND, PAAS, SITM, EXPE, TPL, AFL, AEVA, MCK, CHYM, SEI, TKO, ALL, EW, RELY, KVYO

Thursday (November 5) — Before the Open: CELH, OSCR, EOSE, LMND, U, KEEL, FOUR, ZTS, SONY, TM, CORZ, COP, CI, PTON, DUK, HTZ, NVAX, BKSY, SO, GCT, CMI, KMB, ACMR, ROK, ASPN, CNQ, APD, CAH, AAP, PH, PZZA, WEN, VISN, TPR, RL, AG, IRM
After the Close: IONQ, IREN, SOUN, ABNB, NET, LITE, MP, SMR, AXON, KTOS, AAOI, TMDX, OPEN, AFRM, LYFT, DKNG, SERV, TEAM, INOD, MNST, HNST, MAIN, MCHP, DVN, INDI, SPG, TXRH, WYNN, UMAC, AKAM, DOCS, DBX, SG, BILL, TSSI, WPM, FIVN, PSIX, FROG, QSI, SRFM, KRMN, EOG, WLDN, ARRY

Friday (November 6) — Before the Open: OKLO, VST, WULF, MRNA, ENB, UA, HUM, CHTR, BAM