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Market Analysis: S&P 500, Intel, Netflix and More

GM Investors, 😊

This week the S&P 500 is at a critical juncture, facing a decisive moment that could steer the market toward a breakout or a potential downturn.

Intel’s nearing a pivotal point, while Netflix’s upward trend sparks curiosity about its path ahead. Nvidia grapples with major resistance, awaiting an intriguing turn.

Stay tuned as we dissect Amazon, Meta, and Alphabet’s positions, each hinting at potential market shifts.

Let’s dive into the details.

S&P 500

The S&P 500 has revisited its Macro Downtrend dating to late 2021 and is attempting to breakout beyond this resistance.

Monthly Close is just around the corner.

A Monthly Close below could set the S&P500 for a rejection into the orange region below and thus for a market-wide dip in general.

Break the downtrend however and we’d have the opposite effect for the market β€” something much more bullish.

Intel Corporation β€” INTC

Intel is on the cusp of Monthly Closing above the black Range Low.

Over the last few years, this Range Low has been a pivotal support for Intel, enabling many rallies towards the mid-point of this range (~$53.85; dotted horizontal) as well as entire rallies to the very top of the Range High at $64.63.

A Monthly Close above the Range Low of $44.11 would mean that Intel is ready to break back into the range and if it retests the Range Low as support, price would be well on its way to revisit the mid-point of the range over time.

Netflix β€” NFLX

NFLX is in a clear uptrend.

The only thing unclear is whether it needs to dip into the $441 (blue) highs which acted as resistance for most of 2023 to turn them into a new support.

Or whether NFLX will be able to Monthly Close above the black $476 Range Low to reclaim this level and springboard price higher up the black-blue range of $476-$567.

Green path or orange path?

Monthly Close below black β†’ likely green path

Monthly Close above black β†’ likely orange path.

Nvidia β€” NVDA

Still maintaining the highs though at NVDA’s major resistance, hovering below it and rejecting from it but not experiencing strong additional follow-through on those rejections.

Though the Monthly Close is positioning to occur below the black major resistance, which is the last resistance before new All Time Highs, price is positioning itself for a Close above the orange level, which could be reclaimed as support in December.

If this turns out to be the case, then NVDA could attempt another challenge of the $496 resistance above.

Amazon β€” AMZN

AMZN is setting itself up for a potential dip into the blue region below.

A Monthly Close above the blue region but below the red region looks to be almost a certainty which means that AMZN may need to first dip before going for another attempt to break back into the red cluster of major historical supply for price and reclaim it as support.

Meta β€” META

With one day away from the Monthly Close, META looks to be positioning for a Monthly Close below the blue resistance.

As a result, META may dip back into the orange region for a retest and upon successful retest there, price would re-challenge the blue resistance again.

Unless META finds a way to reclaim the blue level as support in December, in which case a move via the green path could then occur.

Alphabet β€” GOOGL

After rejecting from the blue Range High resistance at $139, GOOGL may soon dip into the blue $132 Range Low support for a retest.

Since rebounding from the red Higher Low, GOOGL managed to perform a November Monthly Close inside the blue-blue range, effectively returning to it but technically not reclaiming the base of it as support.

A dip into the blue Range Low would solidify GOOGL’s return to the range which would set price up for another move to the blue Range High over time.

Thank you for reading.

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