TSLA
Tesla
-- 421.060 PLTR
Palantir
-- 80.550 NVDA
NVIDIA
-- 134.700 AMD
Advanced Micro Devices
-- 119.210 OXY
Occidental Petroleum
-- 47.130 
WILL IT BE A BLOODY FRIDAY OR A BREAKOUT FRIDAY?
We did not break out above resistance yet. And technically we still have not rejected resistance also. Check out the link to see what I'm talking about.
The week is almost over and the NASDAQ futures are still flirting with this long-term channeling resistance. I have already mentioned that this is a very strong resistance level to watch. In the weekly candles below you can see how we have a doji star that is formed on the weekly candles right at resistance. There is one more day before the week is over so there's doji could change on Friday. But as of right now this weekly doji star candlestick is showing indecisiveness so far this week as the price action has gone up and down all week and is near flat as of today Thursday. You will often see doji candles near supports a resistances and often reversals follow a doji candle but not always. And like I already mentioned on Friday this doji candle could turn into a big green candle if we break out of resistance. It could also turn into a big red candle if we reject resistance. Personally I don't think Friday is going to be a flat day. But if it is a flat day Friday then this weekly candlestick will be flat which would lead me to expect a gap up or gap down come open Monday.
I should mention that today's big red day could simply be the NASDAQ following the 4 hour price channel that it has been following for several days. You can see that for our price channel and the chart below. A red day like this normally would be nothing to worry about as the price is still traveling within the short-term channel. But since we are near the very long-term resistance we still need to pay very close attention to the price action every day until we break above or reject resistance.
So all investors eyes are on this resistance level. If we get above this resistance then we are officially out of the downtrend that we have been in since November. When are we going to break out above this resistance level? It could happen Friday. That would make it a breakout Friday. Or a major rejection of this resistance would make it a bloody Friday.
Always remember that there is a lot of whipsaw price action and volatility at these long-term resistance levels. So be careful with your trading.
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Trade the trends via technical, fundamental, and macro analysis. Day Trades, swing trades, and long-term investments.
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Violets : Thank you. you are one of the few people that does a very clear analysis. I am never confused when I read your analysis and always make sense to me. thank you!
Violets : makes*
SpyderCall OP Violets : I'm glad to hear that. sometimes these markets seem like they never make any sense. this is how it makes sense to me, through all these technical levels. I'm glad to help![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
icezzz : Thanks for ur sharing. Give me clear direction
SpyderCall OP icezzz : I'm not exactly sure which direction the market will pick. I'm just preparing myself to go either way. if the market falls down from this resistance level then I will be looking for a short position. if the market breaks out above This long-term resistance then I will be looking for a long position theoretically
LuvAGreen : Thanks for sharing SpyderCall
FirstStrike Veteran : I think breakout of numbers from michigan are good at 10 est.
go look at prior releases and see what the market has done on those days.
Mike Hunt : I’m voting bloody
SpyderCall OP FirstStrike Veteran : you may be right. I have a feeling the consumer sentiment will be strong for this data release. but I don't track all the variables of that personally so not an expert on this stuff. I'm just going off my vague knowledge of how employment wages are good, inflation is slowing, and sales numbers have not exactly been terrible for a lot of the earnings calls I listen to so sales trends are not decreasing. although I did not listen to any consumer discretionary or consumer staple companies earnings calls. those will probably explain everything. damn I should have listened to them actually. now that I mention this I remember that you must listen to all the companies earnings calls because they basically tell you how the future is going to be. I mean they might be trying to fabricate a little bit but they're not going to lie because investors will lose confidence. and these guys are experts so we got to listen to them at their earnings calls. I should have listened to retails earnings this go around
SpyderCall OP FirstStrike Veteran : but good point on that economic data for sure. sometimes but not always economic data can control the market for that day or even that week. sometimes but not always
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