This key bar will make or break S&P 500 [Video]

Ming Jong Tey Independent Analyst

Watch the video above from the WLGC session before the market opens on 19 Nov 2024 to find out the following:

Is the market losing momentum, or is this just a healthy pullback in an ongoing uptrend?
Could the recent spike in supply and localized volatility signal a deeper correction ahead?
How to use the smaller timeframe to identify the key resistance level and anticipate the market movement.
And a lot more...

Market environment

The bullish vs. bearish setup is 384 to 138 from the screenshot of my stock screener below.

Three stocks ready to soar

28 actionable setups including 8 growth stocks (check out 3 of the charts LMND, UPST, SE below) completed 2+ years of accumulation structure and are in the “sweet spot” to transit into uptrend (phase E) were discussed during the live session before the market open (BMO)..

The pullback in the market since last Tuesday provided great reversal entries for many of those over-extended strong momentum stocks.

The plan mentioned in the market update on Monday to look for reversal entries to participate the continuation of the uptrend is still relevant.

Lemonade (LMND)

Upstart Holdings (UPST)

Sea Limited (SE)

Author

Ming Jong Tey

Independent Analyst

Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.

EUR/USD flat lines around 1.1900; looks to US NFP report for fresh directional impetus

The EUR/USD pair is seen oscillating in a narrow trading band around the 1.1900 mark during the Asian session on Wednesday as traders opt to wait for the release of US monthly employment details before placing fresh directional bets.

GBP/USD recovers losses despite rising UK political risks, BoE rate cut bets

Pound Sterling advances against the US Dollar after registering modest losses in the previous session, trading around 1.3650 during the Asian hours on Wednesday. The pair could extend losses as the Pound Sterling faces pressure from rising political risks in the UK and growing expectations of near-term Bank of England rate cuts.

Gold awaits US Nonfarm Payrolls data for a sustained upside

Gold remains capped below $5,100 early Wednesday, gathering pace for the US labor data. The US Dollar licks its wounds amid persistent Japanese Yen strength and potential downside risks to the US jobs report. Gold holds above $5,000 amid bullish daily RSI, with eyes on 61.8% Fibo resistance at $5,141.

Bitcoin, Ethereum and Ripple show no sign of recovery

Bitcoin, Ethereum, and Ripple show signs of cautious stabilization on Wednesday after failing to close above their key resistance levels earlier this week. BTC trades below $69,000, while ETH and XRP also encountered rejection near major resistance levels. With no immediate bullish catalyst, the top three cryptocurrencies continue to show no clear signs of a sustained recovery.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.