Looks like a nice R/R to go long here with 1 – 2% stop loss below for a potentially powerful “stick save” rally to print SPY and/or QQQ back on, near, or above the 200 MA’s by the close today with the potential for a follow-thru rally (current max target 6% gain) into next week. In other words, the buyers either step in soon & start to run the indexes back up soon, or the SPY & QQQ risk printing solid weekly closes below their 200-day moving averages. /NQ 60-minute chart below. Should the market rally in the second half of trading today, I will post a chart of QQQ with comparable levels in the comment section below.
NQ 60m March 7th
As of now, bears are fully in control with both QQQ & SPY trading, and currently poised to close below their respective 200-day moving averages (both simple & exponential). However, with strong positive divergence still intact on the 60-minute chart & several key stocks still within close proximity (slightly above, slightly below, or on) key support, there is a decent chance that the buy programs might fire off this afternoon & ramp the market into the close: Not great, but decent IMO.