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e had a very strong finish to the week after the unemployment data and the weekly charts are starting to look a lot more bullish let's look at the weekly chart of spy first and we can see that we did hold that Weekly support at spy 380 which was that very critical support I told you the Bears needed to break and I reminded you not to get overly bearish at support wait for that support level to break down if you took my suggestion and did not short the market because we never broke down support you should have avoided losing any money by shorting this rally going back to the initial rejection from this resistance trend line I said there was a good chance we would sell off for three consecutive weeks and then see a bounce on the fourth week and while we did not get the bounce on the fourth week we did see a very small bodied weekly candle which told us the selling pressure sure was drying up and then you can see here on the fifth week we finally got that strong balance so this is clearly a very bullish weekly looking chart because it does look like we are holding support and on a weekly close we did close near the high of the week and back over the 20 weekl are going to try to make a stand here but we are still in the bear Market while we're below this weekly resistance trend line so the next very critical resistance levels for the Bulls to break above is going to be that level right around spy 400.
remember we're looking at the weekly chart and these are weekly critical levels with the critical weekly support at 380 and the very critical weekly resistance up here right around 400. so for that reason you can stay bullish on spy while we're above critical support but you need to get a lot more risk off as we approach critical resistance and then if we break through that resistance you can get a lot more bullish so just a quick recap you can stay bullish on spy above 3 8 80 and then take risk off the table as we approach 400 and then you can get a lot more bearish on spy if we break down below 380 or start approaching that very critical resistance level all right jumping over to the daily chart of spy we can see that we got the bullish close on the week with today's price action and we did go up on increasing volume which is obviously very bullish anytime you see high volume buying there's two possibilities and one of it is going to be a short squeeze because we did start breaking out of the trading range which was the break above spy 386.
we closed the Gap just above 387 and we got up towards our critical resistance level at 390 and we did break back over the 20 daily moving average and 50 EMA so this was very bullish price action now remember just yesterday I was talking about how this was a very obvious daily Bear Flag and sometimes when something is too obvious and everybody can see it the market will do the opposite now that doesn't mean there's no way we can go lower from here because obviously we can still get rejected from resistance so you still need to watch that very critical resistance on spy right here at 390.
if we get the break above 390 I think we'll easily get to 393 and then if we could break above 393 our next Target will be that Gap fill just above 396. so going into next week you're instantly getting a lot more bullish if we can break through 390 but if we do start seeing a rejection from 390 that does mean we could come back down to retest the breakout of the trading range which could mean we come all the way back down towards this support trend line right around 380 to 381.
there's no coincidence that 380 is also the critical weekly support so without a doubt 380 is going to be very critical support for you Bulls at risk level or you can use this daily support level right around 378. below 378 we're likely getting the bear breakdown and this could still be a Bear Flag which means we could be heading for our next Lake Zora at 371 or 364.
so it's a relatively simple Market to trade right now you just have to be disciplined and make sure you're not getting overly bearish as we approach support levels because there's clearly still Bulls out there especially after we just saw a high volume buying day on the NASDAQ 100 triple cues we were up 2.76 percent today and the triple cues also we're at that critical support level intraday at 260 and then we started to see the high volume buying and we closed back over the 5 EMA and 13 EMA the Bulls are not out of the woods yet because the next critical resistance is just above right around 272 to 273.
if the Bulls can break through all of that resistance our next higher targets will be 280 and then the gap for that 283 and you can stay bullish in the triple cues as long as we're above 260 or this breakout level right around 267. if we break down below 260 the Bears will be out in full force and we'll see the next leg low at 254 and then 250.
in the Dow Jones we were up 2.14 today and the Dow Jones is also looking relatively bullish going up on increasing volume and we have that Gap to fill just above 337. remember the Dow Jones is now in a double bottom breakout above 334 which means we have a valid price Target at 341 so I am looking for the Dow Jones to blast through that Gap and go higher than that at 341 we'll reach the price Target and find strong resistance and then if we break above that it is possible that Dow Jones could start pushing up towards 350.
so in the Dow Jones you want to stay bullish as long as we're above this risk level right around 333 to 334 and if we break that then you're looking for support right around 329 to 327. this is still possible that we are getting a lower high before the next lower low so you do want to manage your risk at these levels I'm giving you on the Russell 2000 iwm ETF we were up 2.25 today and while we did go up on increasing volume from yesterday we still have relatively average volume overall the Russell 2000 broke out of the trading range which was the break above 176 and instantly got to our next leg higher at 178.
if we can break 178 we'll be looking for The Gap fill right around 179 and that strong resistance trend line right around 180. critical support is now 176 and if we break below 176 we we will need to find support down here right around 173. on the arcade ETF we were up 1.13 today and RK is hanging in there and really going absolutely nowhere just hanging around the Zone around 31.
clearly this is looking like a Bear Flag so the longer the Bulls can't break above 32.5 the more confident the Bears are going to become however it is likely RK is going to at least attempt to get a breakout so I do expect to see a push towards 32.4 but if we find resistance and get rejected from there we could be getting ready to retest the lows around thirty dollars if we break 30 the next leg low will be 28.37 and we can get more bullish above 32.5 for that Gap fill at 34.4 on the vix we were down 5.84 today and the vix is getting absolutely obliterated with that very strong Crush every time the vix tries to break out above 23 and the vix is right back down towards this support between 20 and 21.
this is where the vix has been bouncing all of the bear market so don't be surprised if we see volatility coming right back into the market but we will be getting a lot more bullish if the vix can start crushing Down Below 20. on bitcoin we're currently up 0.84 and Bitcoin is still holding above the rising 20 daily moving average and just below the 50 EMA so I expect to see strong resistance around 17 100 and 17550.
if we break that resistance we should make a run for 19 000 and you can stay bullish as long as we're holding above support around sixteen thousand five hundred if we break that support the critical support at 16 000 is likely to be tested and if we break that the next leg lower in this bear Market will be 14 395.
on Amazon stock we rub three point five six percent today and Amazon is bouncing off of this support between 80 and 83 and we're right back up to critical resistance at 86. if Amazon can break above the 20 daily moving average between 86 and 87 I do think that's a bull breakout that could bring it all the way back up towards 91 to 95.
so you can get a lot more bullish in Amazon if it breaks 87 but if it gets rejected from 87 we could be coming back down to eighty three dollars and then 81 and if we break that support the next leg lower will be 80 and then 77. on Microsoft stock we're up 1.18 today and Microsoft was just getting way too oversold below the lower Bollinger band and we did Bounce from that support zone right around 220.
that's more than likely just a dead cap bounce and you can see we did close below resistance at 225 so if we get rejected we will still be looking for Microsoft to make that next leg lower down here at 214. below 214 we're going to invite capitulation into Microsoft stock and we can't rule it out completely however if we start breaking back over 225 we can get more bullish for that Gap close right around 237 and above 237 we still have critical resistance right around 242.
on Nvidia stock we're up 4.16 today and Nvidia continues to bounce off of this support zone between 141 and 142 and we did get the bull breakout above 147. we still have resistance between 150 all the way up to 156 but if we can break above 156 we'll be looking a lot more bullish which means we could make another run for 166 to 174.
if we lose support down here right around 140 we could go for that next leg lower at 133 on Tesla stock we were up 2.47 today after a very deep gap down open but again we continue to see high volume buying around this critical weekly support at 107 so I do think Tesla is trying to put a bottom in around this support Zone 107 is extremely critical support and the Bulls did everything in their power to make sure we closed above it today and today was the weekly candle close so I continue to expect to see Tesla turning this corner using 107 as the base of support which means we should easily fill the Gap at 120.
above 120 we have strong resistance at 123 because if we break above 123 I think we'll see a very quick trip up to the critical resistance at 138 138 should be a lot of selling pressure which means it's likely going to be very strong resistance so if you're looking for an exit on this stock and you're buying Down Start considering taking your profits right around 123 to about 138.
if we do lose support at 107 there is a lot of high volume buying at this level which means it's should be a very quick trip down for that next leg lower at 94 even though I don't expect it we can never completely rule it out so I do think Tesla is about to have some very favorable bounces in the next couple of weeks which could easily take it up to 138 and possibly even as high as 155 to 167.
on Apple stock we rub 3.68 today and apple continues to hold this support zone between 125 and 126 and it's back up to critical resistance at 1 30. remember Apple 130 was the critical support level that was lost so if we continue to get rejected at 1 30 this is going to look like a double top rejection which should easily take us down to our weekly price Target at 122.
below 122 we can see high volume selling and capitulation so while it is possible we'd never know for sure so you will want to wait for that support level to break down before you assume that apple is going to flush to the downside this is a very good company so don't ever get overly bearish on it especially near these very strong support levels above resistance at 130 we'll be looking for a run back up towards 135 on the financials we were up 2.22 today and the financials are looking very strong with slowly but surely developing a strong bull Trend the Industrials were up 2.74 today with that very nice balance off of support at 99 and we did finally close that Gap right around 100.
from here look for the next resistance right around 102.4 the healthcare sector was up 0.92 today and it continues to bounce off critical support at 134 but still below a 136 and 137. the energy sector was up 1.9 today gapping up and running right into that resistance at 88.5 and so far we are seeing sellers at that level with a gap to fill to the downside of 86.3 so jump it back over to the S P 500 without a doubt today was high volume buying which means we could see spy trying to break 390 and making a run for 393 to 396.
let the price action do all of the talking and I never suggest getting bare at support So if you're looking to get bearish on this Market you need to wait for critical support levels to be lost which is down there right around 380. remember the weekly charts are looking a lot more bullish so don't ignore the fact that the weekly charts are starting to look like we could be turning a corner in general I think this is going to be a very noisy year between the Bears and the Bulls battling for control of this market so it's very important you understand that you are following price action and staying objective if the price action continues to break through critical resistance and you continue to short this Market you could be caught holding a bag if the market does indeed get that bullish breakout which is going to be up there right around spy 400 so we'll take it day by day with an open mind and we'll stay objective and I do think it's going to be a very exciting trading year also don't forget I have Bank trailer twitches and o ET at
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