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Madrid
Jan 23, 2022 10:09 PM

Market at a Glance. Heading to Test the Support Level. 

WTI CRUDE OILTVC

Description

Last week se saw a lot of sell activity in the market. I see there's a Support level around 4300, where it will hit a double bottom from the level it reached on the month of October las year.

All the sectors in the red, with the exception of Energy, which has been having a rally and it's still in an uptrend unless the indicators say otherwise. Gold is gaining some traction from its 1800 level where it has been consolidating for a while.

Bitcoin took a hit, but it is approaching the 30K support level, and if this holds we can expect another a possible reversal. Both markets, the stock market and the crypto market are approaching to important support levels that have to be tested to determine if a rally is ignited or if the downtrend will continue.

Levels to watch:
SPX : 4300
Bitcoin: 30K
Comments
SPYvsGME
such a great chart. TYVM for sharing!
A-shot
It just punched through 4300
Madrid
@A-shot, Yes, and it still has to hold it. The pattern it has at this time in the daily time frame is the "Heading back to normal", which happens when the trend tries to go back to its former support which now will behave as resistance. At this time the VIX closed above 30.
A-shot
@Madrid, Sees weak to me. Can be a big trap?
ForexTrendline
That's great! Thanks!
kimstandgraph
Nice work
ICEKI
one word for describe your highlight of the market... PRO!
Thanks for sharing bro <3
Options360
Very cool
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