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QQQ & SPY Hit Support, Bounce Likely Before Resumption of the Downtrend

QQQ has hit the next downside target (60 min chart) where a reaction is likely before a resumption of the downtrend while the bottom of 5/24 gap on SPY is also likely to produce a reaction before a resumption of the downtrend. Active traders might find these 60-minute chart support levels useful in micro-managing their positions while typical swing traders looking for more downside in the coming days & weeks shouldn't be overly concerned with trying to game all the zigs & zags of the larger trend.

Jun 16, 2016 10:18am|Categories: Equity Market Analysis|Tags: , , , |8 Comments

8 Comments

  1. Profile gravatar of snp
    snp June 16, 2016 10:18 am at 10:18 am

    yep spy long now

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    • Profile gravatar of lee1
      lee1 June 16, 2016 10:19 am at 10:19 am

      @snp what is your projected low on the s+p now?

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      • Profile gravatar of snp
        snp June 16, 2016 10:23 am at 10:23 am

        2055 has been for a couple days. its a 236 fib of the February rally

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        • Profile gravatar of snp
          snp June 16, 2016 10:24 am at 10:24 am

          the next level down is 2005 and I don’t know if I believe (oil)

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          • Profile gravatar of lee1
            lee1 June 16, 2016 10:25 am at 10:25 am

            sentiment change now so maybe possible by next week especially once the Brexit non issue hysteria ramps up next week

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    • Profile gravatar of snp
      snp June 16, 2016 3:47 pm at 3:47 pm

      2.50 and out

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  2. Profile gravatar of GetItRiight
    GetItRiight June 16, 2016 10:37 am at 10:37 am

    Looks like the bounce fizzled…

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    • Profile gravatar of rsotc
      rsotc June 16, 2016 10:46 am at 10:46 am

      We’ll need to give those 60-minute support levels a little room since the bigger & more technically significant picture is that bottom of that ABW pattern on the daily chart of SPY. I’m still leaning towards a reaction, which could be a bounce (most likely) or even that prices pause & consolidation on the bottom of that wedge before making a solid break below. Keep in mind that, barring a huge intraday drop below the ABW, only a daily close below matters as it is fairly common to see intraday breaks of support level on daily charts, only to see prices snap back up above support before the close.

      2+

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