By Emilio Caldero

Disclaimer: This post is for informational purposes only and should not be considered financial advice.

Key Symbols: $SPY $QQQ $NVDA $TSLA $SPX $NDX $VIX $TLT

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Overview

As the trading day unfolds on November 14, 2024, here’s a breakdown of key technical levels and expectations for the top market movers—especially focusing on the MAG7 stocks, macro indicators, and major indices.

MAG7 Breakdown

1. NVIDIA ($NVDA)

• Resistance Target: $150 – This level is crucial, as $NVDA is expected to test this zone. A breakthrough could see momentum carry it higher, but if rejected, a quick pullback is likely.
• Key Support: $144 – This level serves as a major support, representing a high volatility area where significant put options are positioned.

1. Apple ($AAPL)

• Resistance Target: $227.50 – $AAPL has potential to reach this level, marked by a gamma wall that could create resistance.
• Support: $222.50 – This level is critical; breaking below signals negative gamma, which may act as either support or strong selling pressure. If it clears $227.50, the next target is $228.80.

1. Microsoft ($MSFT)

• Upside Target: $430 – While neutral in pre-market action, bulls will aim for this level if momentum is favorable.
• Downside Support: $420 – Falling below $422.50 could lead to testing this support level.

1. Tesla ($TSLA)

• Swing Target Zone: $320 – $340 – These levels provide a broad range for potential swings, with $320 as a strong support. A breakout above $347 could allow TSLA to rally without a defined ceiling, given its high volatility profile.

1. Alphabet ($GOOG)

• Support Zone: $180 – $182.50 – Bullish momentum appears, with $180 offering a potential entry for short-sellers if breached. Further targets include $182.50, then $183.94.

1. Meta ($META)

• Range Bound: $600 – This key level remains its support, especially significant given its 0DTE (Zero Days to Expiration) put options.

1. Amazon ($AMZN)

• Gamma Wall: $215 – $AMZN appears bullish, with this level as a key threshold. An open above this could signal a push to $218.64, but rejection here might pull it down to $212.50.

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Macro Overview

1. US10Y Treasury Yield

• Current State: Flat – An acceleration to the upside could be a negative indicator for equities, suggesting caution.

1. VIX (Volatility Index)

• Status: Slightly positive and at an attractive price – With the potential for bullish action, monitoring VIX movement could provide clues on market sentiment.

1. DXY (U.S. Dollar Index)

• Trend: Continuing to rise – This persistent increase poses a concern for equities, as a strong dollar often pressures global equity markets.

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Indices Overview

1. S&P 500 ($SPX)

• Stability Level: 6000 – This gamma wall offers a pivotal point; above this, bulls have control, while below it, bears dominate.
• Upside/Downside Targets: 6016 and 5944 – The open is expected to lean bullish, but any early weakness may trigger a pullback.

1. Nasdaq Futures (NQ)

• Support and Targets:
  • Mini Support: 21180 – Current levels below this aren’t ideal. An upward push past 21300 would shift control to bulls.
  • Upside Targets: 21300 and 21368 – These levels mark a potential breakout zone.
  • Downside Risk: 20990, then 950 if the market loses support.

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Key Takeaways

Today’s market action is shaped by technical levels across major tech stocks, macro indicators, and broad indices. Watching gamma walls, support zones, and breakout levels in MAG7 stocks will be essential for traders. Key macro signs, such as movements in the VIX, DXY, and US10Y yield, are also crucial to understanding broader market sentiment and potential risks.

Keep these levels in mind as the market progresses, and remember: patience and adherence to risk management are critical in this volatile environment.

This daily insight aims to give traders a solid framework for navigating the market’s potential moves.