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Watch the video extracted from the WLGC session before the market open on 13 Feb 2024 below to find out the following:

• The key support level for the Nasdaq 100
• The directional bias for the long-term, swing, and immediate term.
• The red flags you need to be aware of in this current market.
• and a lot more...

Video Length: 00:03:30

Market update 14 Feb 2024

A sharp selloff happened after the live session as the market reacted to the CPI data.

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The magnitude and supply are slightly less than 31 Jan 2023. So far yesterday’s drop in S&P 500 (ES or SPX) did not pose a great concern yet. 4850 is a meaningful support that needs to hold.

Meanwhile, Russell 2000 (RTY) had a more severe drop, as shown below:

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RTY (or IWM) failed at the key level - 2000 twice.

If it breaks below the support at 1925, the major indices like S&P 500, Nasdaq 100, and Dow Jones will likely join the sell-off as Russell 2000 leads the way down.

A commitment above 2000 is the key to broadening market breadth and the bullish momentum will return.

We will get more clues in the next few days.

The bearish analogue in S&P 500 discussed in the tweet below is still valid and could be unfolding accordingly.

"This is like a topping formation. We have seen it right here. Although this probably like a megaphone type of the formation rather than a rectangle.

In terms of the overbought condition analog. There's a chance for it to follow this kind of the pullback." $ES $SPX #SP500 pic.twitter.com/fVEZuen9iQ

— Ming Jong Tey (@MingJong) February 7, 2024

Market Environment

The bullish vs. bearish setup is 812 to 27 from the screenshot of my stock screener below.

9 “low-hanging fruits” (NFLX, CYTK, etc…) trade entries setup + 12 actionable setups (AMD etc…) plus 11 “wait and hold” candidates have been discussed during the live session before the market open (BMO).

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More By This Author:

Decoding Bearish Analog And The Warning Signs You Can't Ignore
How Russell 2000’s Rise Signals Opportunities Beyond S&P 500?
Will This Game-Changing Rotation Rock The S&P 500?