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In this 15-minute analysis, a critical convergence of technical signals points to heightened market risk. The S&P 500 (SPX) is under pressure, with a clear technical breakdown suggesting a potential move toward the 6200-6180 support zone. This aligns with a key cycle window in May, where multiple timeframes overlap, indicating a probable low formation. Meanwhile, the iShares US Transportation ETF (IYT) shows a steep bearish reversal, having broken below a major support zone with a projected target near 68.5. For traders, the video identifies specific resistance levels to watch for potential shorting opportunities in IYT and analyzes the precarious correction in MicroStrategy (MSTR), which has broken below a key cycle low. The full report from Steve Miller details the exact Fibonacci levels, momentum indicators, and precise price targets for these and other key assets, including AMPX and Gold...
The latest technical analysis reveals a pivotal moment for major indices. The S&P 500 has broken down, with a clear path toward the 6200-6180 support area, coinciding with a significant cycle low window in May. The iShares US Transportation ETF (IYT) presents a stark bearish picture, having breached support with a steep negative reversal signal in play.
Key trading setups are emerging from the volatility. The analysis pinpoints a specific sell zone for IYT between $79 and $77.75 for potential short entries. For AMPX, a meaningful support band is identified between $15.22 and $13.79, which could offer a potential entry point if the broader uptrend resumes.
Significant risks are highlighted across several assets. MicroStrategy (MSTR) shows weak momentum and has broken below the $135 support, with a target pointing toward $114.5. Gold's weekly chart suggests its recent high may be in, setting up for a potential lower high and subsequent decline.
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