The long awaited IPO of SpaceX (SPCX) was a success as it begin trading Friday morning, opening at $150/share. It hit a high of $176.52 and closed at $160.95, up just over 19% in its debut. The markets also finished higher with small caps leading again as the Russell 2000 hit new all time highs and closed up 0.8%. The Nasdaq and S&P also finished higher by 0.3% and 0.5%, respectively. Meanwhile volatility fell again as the VIX closed down 9% at $17.68.
The Nasdaq did not break through any support or resistance levels on Friday and remains near the middle of its primary uptrend (white) so it doesn't start any new trends going into Monday's session. The first resistance to watch on a continued rally will be from its prior downtrend (blue) at 26,420 followed by its primary uptrend (white) at about 26,520.
If there is another pullback, then its primary uptrend (white) will be the first support level to watch at about 25,240. If that doesn't hold, its next support will be from its prior uptrend (purple) at about 25,190. Its last potential support to be in play for Monday if there is another big sell-off would be from its next downtrend (yellow) around 24,915.
The S&P also did not break through its primary uptrend on Friday, so no new trends get started for Monday's session. The only resistance to watch for now on a continued rally will be from its primary uptrend (white) at 7,520-7,525.
On a pullback, the first support to watch will be from its prior downtrend (yellow) at about 7,565. If that doesn't hold, its primary uptrend (white - bottom of the range) would be the next level to watch at about 7,277-7,278. If that doesn't hold either, then the last support in play for Monday would be at about 7,220 from its prior downtrend (blue).
The Russell didn't break through any trends on Friday either, so nothing changes here on a daily time frame. Its only resistance right now will be from its primary uptrend (white) at about 3,040 tomorrow.
On a pullback, its primary uptrend will also be the first support to watch from the bottom end of that range at about 2,915. If that doesn't hold, the only other support likely in play will be from its prior downtrend (yellow) at about 2,875.
