In today’s briefing:
- SPX Trendline to Define
- Tencent Reach for Sell Zone
SPX Trendline to Define
- Adjusted our SPX resistance level given overshoots with a focus on SPX futures trendline at 4,080 and price pivot at 4,100.
- We will take this week to measure overbought conditions and sentiment. Near term upside risk to SPX trendline that defines the LT trend.
- We have not given up on our macro bear cycle as long as trendline caps. Fine tuning top signals is the chore at hand.
Tencent Reach for Sell Zone
- Tencent faces formidable resistance at 385 that may not be seen for a while. 385 is where old lows and old highs coincide.
- RSI is extended (ST sell and bounce). Buy volumes are descent but have been drifting since late 2022.
- 385 a good zone to sell cash positions or short to challenge pivot supports outlined. 320 is an intermediate level to hold to keep things glued together.
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