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Adding To Longs In Pre-market

As of 8:24am ET, the SPY is indicated to gap down to the 191.57 level, just above a fairly decent support zone that runs from 190-191.50. Considering the near-term oversold levels, the odds of a bounce off the initial tag of this support zone is high.

SPY daily Aug 21 close

SPY daily Aug 21 close

 

Shortly before 8am ET, QQQ is trading around 98, which is just below the key 100 support level & even closer to the January reaction lows just above 99. Odds favor this gap will be bought with the QQQ moving & closing back above the 100 level today.

QQQ daily Aug 21st close

QQQ daily Aug 21st close

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Aug 24, 2015 8:00am|Categories: Equity Market Analysis|Tags: , |Comments Off on Adding To Longs In Pre-market