Comments on: QQQ & SPY At Resistance https://rightsideofthechart.com/qqq-spy-at-resistance/ Stock Trading, Investing & Market Analysis Mon, 04 Oct 2021 19:08:49 +0000 hourly 1 https://wordpress.org/?v=7.0 By: salapati2 https://rightsideofthechart.com/qqq-spy-at-resistance/#comment-19038 Sat, 27 Jun 2020 03:57:12 +0000 https://rightsideofthechart.com/?p=201908#comment-19038 Randy,
Thank you for your timely updates and great analysis. I took some SPY put position yesterday and wed cuz of your analysis. I sold them all at the lowest SPY level today just below 300. Made some sweet deal. (Did not want to carry into weekend}. This trade would not be possible without your analysis.
(I was cautious Fed may jump in next week and hinder market going lower). Thank you. I am awesome happy I picked up your subscription. :)..

]]> By: rsotc https://rightsideofthechart.com/qqq-spy-at-resistance/#comment-19027 Fri, 26 Jun 2020 16:47:08 +0000 https://rightsideofthechart.com/?p=201908#comment-19027 In reply to crlists13.

In large part, although not exclusively, it has to do with the recent sell signal on SPY from June 11th, as well as the technical posture of the indexes & key sectors, not to mention the unusually strong divergence between economic fundamentals (the recent plunge in nearly all economic indicators) and the powerful stock market rally. Market internals (deteriorating breadth) is a big one as well.

]]> By: rsotc https://rightsideofthechart.com/qqq-spy-at-resistance/#comment-19026 Fri, 26 Jun 2020 16:42:11 +0000 https://rightsideofthechart.com/?p=201908#comment-19026 In reply to Divergent Low Account Balance.

That would depend on one’s time frame. An active trader could have covered around today’s lows when the indexes as well as XLK fell to support, went long for a quick bounce & then back short again.
For a typical swing trader, should the indexes (SPY & QQQ) take out today’s lows, which I favor, then my min. target would be that support around 233.66 which is where I have the 2nd arrow on that QQQ 60-min chart drawn to. Depending on how the market trades today into next week, I might be open to a larger downside target but as of now, I still need to see XLK & most of the FAAMGs break down below the support levels that I recently highlighted. If/when that happens, I will identify some additional downside targets for the Q’s. For now, letting a short position ride while periodically lowering stops is preferable.

]]> By: FooHawk https://rightsideofthechart.com/qqq-spy-at-resistance/#comment-19023 Fri, 26 Jun 2020 16:20:04 +0000 https://rightsideofthechart.com/?p=201908#comment-19023 In reply to Thomas.

I did the exact same thing. Shorted a longer position in PSQ and used SPXS and TZA for a day trade kicker!!! I hope we stay on the RSOTC, :-) The last two months were brutal for bears.

]]> By: Action_Jackson https://rightsideofthechart.com/qqq-spy-at-resistance/#comment-19022 Fri, 26 Jun 2020 15:37:54 +0000 https://rightsideofthechart.com/?p=201908#comment-19022 In reply to Thomas.

Randy’s technical analysis was spot on for the last crash and he helped me make a lot of good trades. The crazy bear market rally was much harder to navigate. It appears the markets are staring to follow TA better now.

]]> By: crlists13 https://rightsideofthechart.com/qqq-spy-at-resistance/#comment-19021 Fri, 26 Jun 2020 15:06:53 +0000 https://rightsideofthechart.com/?p=201908#comment-19021 In reply to rsotc.

Thank you. Randy. On next market analysis, would you elaborate more on why you think “more downside appears likely in the coming days & possibly weeks”? I would like to learn how to tell the strength of the reversal and to tell the deterioration of that strength into next week..

]]> By: Thomas https://rightsideofthechart.com/qqq-spy-at-resistance/#comment-19020 Fri, 26 Jun 2020 14:49:59 +0000 https://rightsideofthechart.com/?p=201908#comment-19020 Hopped into PSQ and SQQQ on the reverse up and ready to ride down.
Nice quick profits so far but think I’ll hang on and swing down.
New to this – so I’ll listen well next week and try to learn when to get out.
Thanks Randy – its been a pleasure listening to and learning your service.

]]> By: Action_Jackson https://rightsideofthechart.com/qqq-spy-at-resistance/#comment-19018 Fri, 26 Jun 2020 14:39:54 +0000 https://rightsideofthechart.com/?p=201908#comment-19018 In reply to Divergent Low Account Balance.

expect a reaction at 240.56. If you are an active trader then he would say go long then short again after the bounce. I’m holding for a longer swing trade.

]]> By: rsotc https://rightsideofthechart.com/qqq-spy-at-resistance/#comment-19017 Fri, 26 Jun 2020 14:37:38 +0000 https://rightsideofthechart.com/?p=201908#comment-19017 /NQ has made an impulsive drop down to the Neckline* to finalize a Right Shoulder of the Head & Shoulders topping pattern. Sell signal pending a solid break and/or 60-min close below the Neckline. Congrats to those that took advantage of the indexes bounce into resistance this morning to short the Q’s & milk that quick 2%+ drop. Active traders could book those quick gains here at support & recycle back in on a solid break below while typical swing traders might opt to lower stops & sit tight as more downside appears likely in the coming days & possibly weeks.

*The NL has been slightly revised from the previous 60m chart posted earlier today.

]]> By: Divergent Low Account Balance https://rightsideofthechart.com/qqq-spy-at-resistance/#comment-19016 Fri, 26 Jun 2020 14:28:31 +0000 https://rightsideofthechart.com/?p=201908#comment-19016 @rsotc Where would you be looking to cover QQQ shorts?

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