Comments on: /NQ & QQQ Bounce Targets

By: wilhud

wilhud — Wed, 29 Jan 2020 06:40:23 +0000

In reply to wilhud. SPR

By: wilhud

wilhud — Wed, 29 Jan 2020 06:38:50 +0000

In reply to wilhud.

SPR doesn’t have an obvious setup but could be a useful indicator. It has gone no where in the past few years vs the over all market while putting in lower highs and lower lows. It’s just on my radar and I guess is indicative of the broader slowing manufacturing industry.
They overshot UTX on the gap fill with the strong market and ended it a hair below support. Will be interesting to see where it goes if we get your predicted move back down. I wasn’t that impressed with Apple given the move it’s had and the miss on services.

By: wilhud

wilhud — Wed, 29 Jan 2020 06:29:13 +0000

In reply to rsotc. Thank you for the input

By: Beljrc

Beljrc — Tue, 28 Jan 2020 16:57:42 +0000

In reply to aturchin. Maybe RTY/IWM as well

By: Bear trap Dan

Bear trap Dan — Tue, 28 Jan 2020 15:52:20 +0000

In reply to rsotc. Options traders watch for the increased premium (implied volatility) costs associated with earnings release.

By: rsotc

rsotc — Tue, 28 Jan 2020 15:07:27 +0000

In reply to wilhud. I completely agree with your wedge/trendline draws & analysis on UTX. However, the stock is trading just above that uptrend line now following earnings so only a trade setup at this time, not an actionable trade until/unless a sell signal is triggered on a break below the pattern. First target/support 144.20 which is a very key technical level. Any drop much below that would be an additional & major sell signal. I just glanced the chart of SPR & I don't have a good read on where it is head. Thx for sharing the setups.

By: aturchin

aturchin — Tue, 28 Jan 2020 14:23:53 +0000

@rsotc, can you include spx and spy on these targets as well. Thanks

By: wilhud

wilhud — Tue, 28 Jan 2020 14:19:30 +0000

Hi Randy UTX reported this morning and although a small beat I believe the bar had been lowered due to Boeing contracts. Looks objective.
Also on the radar Spirit Aerosystems. Just laid off 2800 people re Boeing demand.

By: rsotc

rsotc — Tue, 28 Jan 2020 13:06:04 +0000

After the statement: “These targets could be used to game a quick bounce for those that went long around the /NQ 8966 or QQQ 217.70 support/targets yesterday as well as a potential long entry on a break above the /NQ 9041 resistance..”, I had intended to add “..or initiate/add to short position on the indexes and/or any individual stocks correlated to the broad market.” (e.g.- Any of the FAAMGs, BA, NFLX, etc.) Of course, taking a position (long or short) on a stock just before earnings is an aggressive strategy that runs a chance of being caught on the wrong (or right) side of a potentially large opening gap.