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ey and today we had a relatively flat day across the market as we see a little bit of consolidation in this strong bull market right so today we saw spy gapping up but closing only 0.03 percent higher now we still have the very bullish price action with the strong bull trend so we really just look at this as consolidation you can see very clearly that we're forming higher lows and lower highs so we're definitely seeing the price action go into this wedge and that means we could see a big move coming next i don't necessarily expect to see too many fireworks this week because we are going into op x so there will be plenty of volatility and sideways price action as we continue to chop around so don't plan on seeing too many crazy price action moves unless we do break out to a new all-time high or we do break down below one of these critical support levels now remember we have a very positively sloping 20 simple moving average on the s p 500 so each and every day that we go sideways is actually a win for the bulls the reason the bulls win if we go sideways is because that critical support level is eventually going to catch up to the price action and going to push the price action higher think of that 20 simple moving average as a force that's going to push price higher the closer it gets to the price and right now our 20 simple moving average is sitting right around 461.
so each and every day that goes by our critical support continues to rise so the strongest support levels on spy are going to be 465 463 and right around 461. that means we're very unlikely going back down to 457 or 453 which means we're very unlikely going to see a big dip in this market we would need to break down below our 20 simple moving average to even consider the possibility of go3 so your strongest support zones are right in the 460s at 465 463 and 461 so watch those three critical support levels to the upside we need to break out of the previous all-time high just above 470 to get to our next price target up there at 477.
so overall with the strong bull trend consider this consolidation a buying opportunity unless we break down through a critical support level then you will want to be a lot more cautious once we start getting below 463 or 461. as you can tell the volume is still very pathetic so we don't see any big money sellers which means each and every day we go sideways or slightly down on lower volume is still going to be a buy the dip opportunity in this very strong bull market on the nasdaq 100 triple q's we were also flat on the day going down 0.02 but we still see price action closing above the 5vma and we still see is now sitting right around 388 which is our very strong support level so right now on the triple q's you have very strong support right around 394 391 and 388 and we would need to break below 388 to see a lot more downside which could take us to our 50 ema at 378.
again i don't expect to go down to the 50 ema but if we do break below our 20 simple moving average you will want to open the door for that possibility so right now we still see consolidation with lower highs and higher lows so look for the triple q's to eventually break out of this wedge to the upside or the downside on the triple cubes we need to break out above 401 to get to our next price target which is just below 410 and right now with the strong bull trend all the odds are in favor of the bulls to continue to break out and see new all-time highs in the dow jones we were flat on the day going down point zero one percent very similar to the s p 500 and the nasdaq 100 closing on top of the five ema and still holding on to the bull trend your critical support levels for the dow will be 361 and 360 and we would need to break below 360 to go down to the 50 ema which is sitting right around 355.
so again we still have bull trends and bullish price action across the board so look for this consolidation to eventually break out for the bulls and on the dow jones that means a break above 365 to get to our next price target at 372. in the russell 2000 we were down on the day going down point four percent and closing below the 5vma but again we're still in consolidation lower highs and higher lows so look for a break in either direction the downside critical support levels will be 236 234 and 232 but that 234 range so i don't expect to break below 234.
in the event that we retest 236 look for that to be a strong support level and we need to break that level to get back down to the 20 simple moving average i expect to see the russell 2000 staying above our positive sloping 20 simple moving average but if we did break below that level look for support at 232 and 229.
now to the upside we need to break out above about 243 to get to our price targets at 245 and 250 and i do expect to see the russell 2000 getting up to those levels in the very near future look for this sideways consolidation to be a buying opportunity if you missed this impulsive bull rally because this is where we're more than likely going to see the russell 2000 cooling off before that next leg higher on the rk etf we were down 0.81 today and we continue to see rk building that inverse head and shoulders where we have the left shoulder the head and now it looks to be the right shoulder forming but we will need the confirmation breakout above that neckline at 126.
so right now look for the rk etf to hold up above this low at 107. so anything above 107 is going to be a buying opportunity as long as we stay above that critical support if we break below 107 that means the inverse head and shoulder is invalidated and we're no longer looking for that bullish breakout so to the downside look for support at 115 or the gap close at 113 and as long as we stay above about 107 to 110 the inverse head and shoulders is still alive on the breakout above 126 we're looking for a price target way up here at 143 with resistance on the way at 131.
on the vix we were up 1.29 today but we still see the vix staying below that critical level at 18.2 and definitely not closing above 20. we still do have a gap up there at 21 so if you do see the vic spiking look for that confirmation breakout of the close above 20 to get a lot more cautious as long as the vix continues to close below 20 and below 18.2 you want to stay on the bull and buy the dip if we see the vix closing above 20 get a lot more cautious because we could see a deeper correction than what i was expecting on bitcoin we're currently down about two and a half percent and we're holding up above that critical support level which is now sitting right around 63 000.
we still have the full bull trend and we're still above critical support if bitcoin closes below 63 000 we could easily retest the 50 ema which is sitting right around 59 000 if bitcoin gets below 59 000 get a lot more cautious because we could be going through a longer sideways consolidation and we even could go through somewhat of a correction but right now we're on the bull because we're above critical support and we have the full bull trend and we need to break out above about 67 500 to get to our next price target at 75 000.
if we do break above 75 000 the next price target will be at 86 500 and i do expect to see that acting as a very strong resistance so right now with the bull trend staying above critical support i think you need to buy the dip and get ready for that next leg higher in bitcoin on amazon stock we were up 0.58 today and we still see amazon getting rejected at our resistance trend line which is right around 35.90 and we are closing below resistance at 35.52 however amazon is still in a full bull trend and price action is above all the moving averages so it is still a buy-the-dip stock we're going up on very low volume which is what you expect to see with the bulls taking the stairs up so continue to look for support levels right around 3 500 and 34 52 with our 20 simple moving average at 34 36 and our 50 ema right around 34.10 so any of those support levels you can buy the dip on amazon as long as we have the full bull trend and you will need to get a lot more cautious of more downside if we close below 3 400 so make that your critical risk level on tesla stock we were down almost 2 today and we are closing we did lose the bull trend so right now if tesla closes below about 987 you will very likely see a quick trip back to the 50 ema which is going to be right around 932 dollars if we break below the 50 ema look for the gap close at 911 and the strong support level at 900.
i don't expect to see tesla breaking below 900 but if we do break below that level you're looking for the next gap close which is right around 845 dollars so right now we'll have strong resistance on tesla to the upside at 10.50 in our 20 simple moving average at 10.60 if we can break back above the 20 simple moving average you're looking for a potential gap close above at 1208 which would be a very bullish impulsive rally so right now it still looks like the bears are in full control of tesla stock losing the bull trend and the price action below the critical support so don't get overly bullish on tesla because it could be a quick trip back down to the 930s on applestock we are flat on the day going absolutely nowhere and we see apple trying to break out but getting rejected at our resistance trend line yet again remember for apple to get bullish we need to break out and close above 152 and then we could go up there and retest the previous all-time high at 157 and potentially break out and form a new all-time high at 162.
now to the downside you have a very strong support level right around 149 and that is a buy the dip level because we're very close to having the full bull trend if we break below 149 look for support right around 148 to 147 and if we break below 147 you need to get a lot more cautious because we could see apple going for that next leg lower re-testing 144 and possibly breaking below that and heading down towards 139 however the price action has to break down below 147 for you to consider getting bearish on apple because right now the price action and the trend are favoring the bulls so look for that bullish breakout above 152 or the bearish breakdown below 147.
on the financials we are flat on the day going absolutely nowhere and we still have the price action hanging around that 20 sample moving average and we still do have some bullish momentum for the time being if the price action can't stay above the 20 simple moving average look for a re-test of the 50 ema the industrial sector was up 0.19 today and we still have bullish price action and the full bull trend the healthcare sector was down 0.62 today and the price action is still above we still do have the bull trend the energy sector was up 0.83 today and the price action closed right on top of our 20 simple moving average and we are still looking like we're in a sideways consolidation so look for that potential of the next leg higher or we're going to break down and come back down to the 50 ema so watch the price action at this critical level so jumping back over the s p 500 you can still see we are in a very strong bull market even though we are going through a little bit of consolidation remember consolidation in a bull market is a buying opportunity as the technicals cool down and we get rid of some of these overbought conditions and we allow these moving averages to catch up to the price i expect to see this as a very choppy and volatile week but after this week is over and we see opex coming to an end we could see the bull market continuing yet again and going for that next leg higher so watch these 20 simple moving averages as they catch up to the price and that could be the next catalyst for the price to bounce off of and that could send us to the next leg higher if we break below those critical supports you'll know to get a lot more defensive and don't forget to watch that critical level on the vix at 20.
so for the time being we have to stay objective and the price action and the trend are still very bullish so we still have to stay bullish at this time remember the price action is key so watch that and if you see anything changing in the price action you will see a breakdown in the price before you see anything happening on the trend this is a very strong bull trend so it's not just going to roll over and die easily so stay on the bull and continue to stay objective and trade with the direction of the trend also don't forget that i do have my own trade alert service called bank trade alerts that only trades t triple queues you get and all you have to do is follow the alerts i also have the stocks general discord where i do intraday updates and analysis and bring new trade ideas to you can find out all of the details and how to join by clicking on the links
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