BULL TRAP CONFIRMED! 🚨 SPX Fails Breakout

Welcome to Trading The Close! Today's session provided a critical technical confirmation that has serious bearish implications for the near-term market direction. The S&P 500 ($SPX) has potentially confirmed a near-term BULL TRAP, with the price confirming a close back inside the long-term inclining parallel channel. This suggests the recent move higher was a false breakout, potentially trapping enthusiastic buyers before a renewed push lower. We break down the exact technical levels that confirm this reversal.📉 Technical Breakdowns & Warnings: Small Cap Breakdown: The Russell 2000 ($IWM) has confirmed its breakdown and is now targeting the next critical technical support level at approximately $237.33. A move to this area would signal broad market weakness beyond just mega-cap tech. AMD on the Brink: AMD experienced a decline today and is on the verge of confirming a potential deeper correction. We analyze the specific technical levels that must hold to save the stock from further downside pressure in the very near-term. NVDA & Tech Watch: We review the current status of NVDA and the broader SMH (Semiconductor ETF) charts to see if they can continue to hold up the indices amid this growing technical weakness.🏛️ Macro Risk: The Government Shutdown. The ongoing government shutdown is prolonging the release of key economic data to the Federal Reserve. This lack of clear data could complicate the Fed's decision-making process, potentially jeopardizing the anticipated rate cuts in December, adding another fundamental layer of risk to the already fragile technical setup.🎯 Tickers and Markets Covered Today: We provide a comprehensive technical analysis across indices, crypto, and commodities to establish key support and resistance. SPX, QQQ, SMH, AMD (Breakdown Watch)Bitcoin, IWM (Targeting $237.33), NVDA (Holding the line?), Gold, Silver, DDOG (Datadog), US Oil, Natural Gas, KMX (CarMax), DASH (DoorDash).
Disclaimer: This show is for educational and entertainment purposes only. The information provided is not financial advice. Trading stocks and options involves substantial risk, and you can lose money. Always conduct your own research and consult with a professional financial advisor.🔔 Don't forget to LIKE and SUBSCRIBE for your daily technical analysis on the market's major movers at Trading The Close!

Disclaimer: This show is for educational and entertainment purposes only. The information provided is not financial advice. Trading stocks and options involves substantial risk, and you can lose money. Always conduct your own research and consult with a professional financial advisor.
🔔 Don't forget to LIKE and SUBSCRIBE for your daily technical analysis on the market's major movers at Trading The Close!

Right at the close of the market, Drew will:
- Review the day's winners and losers
- Analyze the latest news and events
- Offer their expert opinions on the market's direction

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