Market Analysis: Key Support & Resistance Levels for Today's Trades

Summary

In today's market analysis, head trader Benjamin P. breaks down critical support and resistance levels across various stocks and indices. The S&P 500 showed weakness, trading below $74,8.17, with key support identified at $731.58. Volatility is highlighted as a key market driver, trapping traders and creating opportunities. For the SOXX, a long level is set at $599.73, with a critical support at $590.71, and a warning about a potential major sell-off if the uptrend line breaks. USO support is eyed at $108.10. Microsoft's support is at $366.82, with a significant long-term support at $344.70. Amazon's support is now considered $230, a level to potentially go long on a pierce. Google offered a successful trade opportunity. Netflix experienced a further decline after hitting a stop-out level at $73.49, with secondary support at $72.49. Palantir's support is at $118.46, with the next level at $110.48. SanDisk's long level is at $193.80, with further support at $183.15. MU's new long level is $104.31, with further support at $98.14. For watchlist stocks, FLNC has aggressive support at $21.60, with more conservative levels at $21.31 and $18.90. WDC's support is at $594.60. CRDO's gap support is at $249.33. VRT's aggressive support is $317.58. STX's long level is $93.185. Viking Therapeutics shows potential for a long play at $36.46. IBM offers a short opportunity at $270.81. Finally, NBIS, after a massive surge and subsequent sell-off due to QQQ news, presents trading opportunities around its gap.