El Tigre Newsletter, August 3rd

$SPX (daily) we rejected and held below channel resistance for 3 straight days. After the spinning top (indecision) candle yesterday, printed a bearish long upper wick red candle today with close back below supply level, giving a clear edge to the bears.

$QQQ (daily) back-to-back shooting star rejection at channel resistance and double top. The path of least resistance is down until proven otherwise.

 

Quick look at some of the leaders….

$AAPL (daily) clear rejection at the trend line backtest, .618fib, and channel resistance.

$MSFT (weekly)

$MSFT (daily) rejected at horizontal backtest and channel resistance and now bearish close below 2 day range.

$GOOGL (daily) so far rejecting at channel resistance

$AMZN (daily) 3 straight long upper wick rejection at major H&S backtest and channel resistance.

$TSLA (daily) rejecting at the weekly trend line backtest and channel resistances.