The S&P 500 experienced a sharp decline yesterday following the FOMC meeting outcome. Prior to this decline, the index had been trading within a relatively narrow range, exhibiting sideways movement.”
https://ganninsides.com/2024/12/03/niftys-double-edged-sword-a-risky-play-for-traders/https://ganninsides.com/2024/12/03/niftys-double-edged-sword-a-risky-play-for-traders/
“We have been diligently monitoring the S&P 500, and I have consistently shared technical updates on its performance. Notably, on December 3rd, I published a post highlighting December 6th as a pivotal turning point based on time cycle analysis. Furthermore, I identified the price range of 6080 to 6120 as a critical resistance zone, aligning with the confluence of price and time-based forecasting models.”
“As anticipated, the index reached its peak on December 6th, reaching a high of 6100. Subsequently, the index exhibited a reversal in trend. Moving forward, the 5840 level assumes significant importance as a critical support level. A decisive break below this level would trigger a more pronounced downside move, with an initial target set at 5620. Further analysis and insights will be provided upon the breach of the 5840 support level. From a time cycle perspective, the next significant date to observe is January 2nd.”
Okay, let’s shift our focus to NVIDIA.
https://ganninsides.com/2024/12/13/nvidias-128-support-the-canary-in-the-coal-mine-for-the-market/
NVIDIA experienced a significant decline earlier this week, breaching the critical support level of 128. As I previously discussed on Friday, this breach had the potential to trigger broader ramifications within the tech sector. Yesterday’s trading session provided a glimpse into this potential impact.”
“On NVIDIA, I would be looking for levels of 110 and 90 over the course of the next few weeks. Markets globally are about to turn extremely volatile from here on, so it’s best not to get carried away with wide fluctuations. Eventually, markets should be headed lower from here.”
“The coming weeks promise a dynamic market environment for traders.”
gann,insides 