Comments on: QQQ Max. Bounce Target Hit

By: rsotc

rsotc — Thu, 11 Jan 2024 14:41:25 +0000

/ES 15m & SPY 60m charts with support levels (and pending sell signals below them) & price targets, should sell signals on both trigger, below.

By: Imadaytr8r

Imadaytr8r — Thu, 11 Jan 2024 14:40:18 +0000

I opened a short position at the bottom of the gap at around 404 and added to it at the top of the gap at 409.40. Now I’m nervous. Everytime I do something early (Randy’s 407 sell signal before adding to shorts) most times proves to be futile. I hope this time the Q’s keep going down!

By: rsotc

rsotc — Thu, 11 Jan 2024 14:28:06 +0000

In reply to Alan. 50/50 IMO. Based on the current technical posture of the charts, I still believe that any new highs in the S&P 500 will only be a marginal (relatively slight) new high, at best, followed by a major trend reversal. Maybe, maybe not but I've seen plenty of instances with similar technicals where an index, sector, or stock made a marginal new & divergent high followed by a trend change as well as plenty of instances where the security made an equal high or fell just shy of the previous high before reversing. Keep a close eye on Treasury yields & EUR/USD in addition to the the major stock indices. Yields continue to inch higher since bottoming in late-Dec and the 10-yr is close to taking out its post-Dec highs. If & when that happens & the more yields climb, if so, the more the stock market will start to take note. Also watching energy (crude & nat gas) as well as other commodities as that can help re-ignite inflation worries.

By: Alan

Alan — Thu, 11 Jan 2024 14:12:01 +0000

In reply to rsotc. given the S&P is so close to ATH, one would think the market will hit news highs before a large pull back occurs.

By: rsotc

rsotc — Thu, 11 Jan 2024 14:09:20 +0000

To be clear, I do not believe it is objective to initiate or add to shorts over the max. bounce target 409.41. Rather, stops on any QQQ shorts should be considered somewhat (relative to one's price target(s)) above that level, especially if AAPL solidly takes out the top of the T2 zone (192ish)