Technical Tuesday: SPX, CRWD, COIN

0:00It's technical Tuesday and that means Kevin Horner is on board senior manager of trading services here at Charles Schwab taking a look at the market I was saying how we had three weeks of selling and we hadn't seen that for the S&P in about a year But these last two days yesterday and today got a search in up arrows And we haven't seen that since the beginning of February so tell me what you're thinking about and the levels that jump out of you when you look at the S&P 500 Kevin Yeah, happy to do so Nicole. It's great to see you even on a on a St. Paddy's day like today You know, it's interesting. We tend as traders to get a little overdone as it relates to short-term action And that means to me that the bounce we've seen over the last three days Nicole is a little dubious Looking at today's intraday high pushed through 6745 That's the gap we created last Wednesday into this last Thursday's open and that gap We shouldn't be surprised to see that we got there Nicole But we want to get through it. We want to see some price action above it We'd love to see it cleared on a closing basis if we can start to do that

1:01Then we can start talking about that 20-day moving average which we've been below for 21 of the last 23 sessions So we've got some trend situation that has not played out bullishly. We've been largely neutral We should at least make note of the fact that the 200-day moving average resides beneath us 6612 currently, but ultimately anywhere between those last lows Let's call it 6540 up to the 200-day moving average at 6600 or so That's going to be a potential zone of horizontal support that we really need to make sure we maintain So if what we see today here Nicole is a bit of a rejection Into the downtrend line and basically the continuation of what we've seen over the last few weeks here Then we should be prepared for more choppiness and volatility All right, we have to prepare I mean especially since oil's up over 40% this month and still around 96 dollars right now. Yes. What about an aim-like crowd strike? Why does this stand out to you?

2:02Mainly because this one is at a make or break level much like Software aggregate leo. It's this crowd strike has struggled this year. It's down 10% year-to-date But 24% from the highs it achieved in November now after having sold off into February's lows. I saw that there was a bullish divergence in price versus that of the RSI down below and we've had a nice rally In fact, it's been a quick 30% pop off of those lows into what could be resistance And I say could be because it's still could play out as Resistance as we got into it last week over the last five such five or six sessions Excuse me and we've pulled back and so we are trading below the low of our high move in this route And that could spell deeper retreat and that's why the 20-day moving average around 406 calls out to us if we can't hold the 50 day We're battling it out at the 50 day as we speak But if it doesn't hold then bulls should look for opportunity around the potential of the 20-day moving average

3:07Between 406 or so that could allow us to see a higher low in the short term and even if we do see this as a rejection In the short run that could be the the opportunity that some short-term bulls are looking for It does not it should not be lost on us as traders That is that that long range uptrend the white line. I've got in there That is completely coincident with that 450 level of resistance So kind of former support for us on Crowdstrike could very likely become new resistance And that's the importance of that 450 level that resides above us here Okay, very important and then last but not least we've really seen a bid for Bitcoin and what's happening with Coinbase Yeah, certainly happening as a result of recent bullishness associated with Bitcoin But the ride here has been rough to say the least you got a stock that's off 68% from its peaks to its trough that was just achieved in early February We are up 50% from those lows Nicole and yet the stock is down 52% off of those highs

4:12Even still now only 10% year to date But you're seeing something shift here notice that rounding off of the 20-day moving average It's quickly cruising up toward the 50-day I've got the one 87 level as the 20-day and it might be a level under which Bulls might set their risk and a potential short-term target becomes that red level above us at 230 That's still about 19 to 20 points away from us here So there may still be opportunity for bulls who are looking for something a little bit on the short run here But it is an improving chart But just remember it doesn't trade on necessarily all by itself. It is absolutely going to move as crypto moves with it Yeah, I mean it went from 139 up to 211 already and then let's see where Bitcoin is at this moment just for fun 74,850 that's among the higher levels that we have seen getting closer to 75 right haven't seen that Really Since early February really all right Kevin Horner. It's great to see you. Thank you for that every Tuesday technical Tuesday with Kevin Horner appreciate it