Week Ahead🔮: And If Anyone Asks About the Market Tonight, Just Say “I Blame the 10 Year Yield”, Wink, Walk Away.
Bonus points if you mumble something about the risk free rate, say the word “tech" and throw some of these key levels out as you leave.
Plan the trade. Trade the plan.
Major levels for the week 10/7 - 10/11:
SPY Snapshot:
• Previous Close: 572.98
• Today’s Close: 567.80
• Percentage Change: -0.90%
SPY opened below the previous close and continued to decline throughout the day, closing at 567.81, a 0.90% decrease. The drop brought it closer to the key Weekly ▼ level at 567.40, indicating that price has moved into the lower range of the weekly and monthly support levels.
Watching this week:
• Resistance: $570.90, $576.50, $580.00
• Support: $567.40 , $561.80
SPX Snapshot:
• Previous Close: 5,751.06
• Today’s Close: 5,695.93
• Percentage Change: -0.96%
SPX fell nearly 1% from its previous close, closing just below the critical support level of 5,695.10 (W ▼). This decline shows increasing bearish pressure as SPX moves through key weekly and monthly support levels.
Watching this week:
• Resistance: 5,730.10, 5,786.20, 5,821.20
• Support: 5,695.10, 5,639.00
QQQ Snapshot:
• Previous Close: 487.32
• Today’s Close: 482.10
• Percentage Change: -1.07%
QQQ saw the steepest decline among the three, dropping over 1% and closing at 482.10. The close is near the W ▼ level at 480.40, which is a critical support zone. This suggests that any further downward movement may test lower weekly targets.
Watching this week:
• Resistance: $484.40, $491.40, $495.40
• Support: $480.40, $473.40
