Gabrielle W

Follow me on Instagram @thechartwhisperers

May 1, 2020

 

Broad scale Market Updates

 

Welcome to my end of month Broadscale Market Updates. At the end of every month, I will review BTC/USD, SPX, and two trending equities.

 

 

 

BTC/USD 

Trend: Bearish

Support: 8000

Resistance: 9000-9500

State of mind: While Bitcoin does present long swing opportunities, the overall trend is bearish. For myself, I've been sitting this one out. We saw another large move up this past week but it was unable to get past the long term trend line. I would consider buying dips with a break above that zone with caution. If unable to break above the trend line, it's risk off for me. As a friend of mine recently said, I am "resisting the call of the siren."

Trend shifts bullish if there is a daily close above $10,000

 

SPX

Trend: Bullish

Support: 2834 and 2727

Resistance: 3000

State of mind: Buy dips if price breaks above 3000

Trend shifts bearish if there is a daily close below 2727

The S&P is in a clearly defined uptrend but has major psychological resistance at 3000. 3000 is also the 200 Daily MA and the 4 hour 200 MA. 

XBI

Trend: Bullish

Support: 89-92

Resistance: 100

State of mind: Buy dips above support

Daily trend shifts bearish if there is a daily close below 89

 

With the desperate desire for treatments and a vaccine for the COVID 19 pandemic, the biotech sector has been on the rise. This sector will be reaping the rewards of new funding and exciting news as the situation progresses. I am maintaining a long position in XBI and I am anticipating a new all time high medium term. 

AMZN

Trend: Bullish

Support: 2340, 2230, 2186

Resistance: 2500

State of mind: Buy dips on support if there is no break of 2186

Daily trend shifts bearish with a daily close below 2186

 

While Amazon has performed very well as of late, traders should be weary of a daily close of -8% or more.  

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