The bounce resulting from the bullish divergences highlighted yesterday continue play out so far today with SPY now at dual resistance: The 50% Fib retracement from the most recent plunge (yellow lines) as well as this previous reaction high. Note that the 38.2% retracement of the move down off the March 15th highs, which could [...]
My minimum correction target has been hit with the typical reaction off that key support level, which is the bottom of the trading range since early December. So far a typical oversold, counter-trend bounce that hasn't even made it to the 38.2% Fibonacci retracement of the move down off the highs yet. 60-minute charts below [...]
As the long-term outlook for CCE (Coca-Cola Enterprises) continues to firm up, two additional price targets have been added to the active Growth & Income Trade while T3 (37.42) remains the final target for the active Swing Trade. The two additional price targets for the CCE Growth & Income Trade are T4 at 38.95 & [...]
The KEYS (Keysight Technologies Inc) short trade has hit T1 for a quick, 2 day gain of 6%. Consider booking partial or full profits and/or lowering your stops if holding out for T2, which is the final price target for this trade. Previous & updated daily charts: KEYS has essentially wiped out the [...]
Another failure (so far) at the attempt to print a closing candle above the 38.2% Fib retracement of yesterday's drop in QQQ signals that this likely dead cat bounce may have run its course. 5-minute chart: QQQ 5-min 2 March 22nd Zooming out to the 60-minute time frame, QQQ looks ripe for a [...]
So far today, the divergences on the 5-minute charts have played out for a relatively muted bounce in the SPY that hasn't even retraced the low-end (38.2% Fib) of a typical counter-trend bounce. While more upside is possible, should the SPY reverse soon & take out yesterday's lows, that would likely spark the next impulsive [...]
Analysis & the outlook for QQQ as well as the largest components of the Nasdaq 100, which account for the bulk of the performance of that leading index.