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QQQ & SPY At Support, Bounce Likely

SPY is coming up on the 279.80 support while QQQ has fallen to key uptrend line support where the odds for a bounce are good.

/ES (S&P 500 E-mini futures) have also hit my 2826 target/support level where a reaction is likely as well. Basically, the market either starts to melt down here, which although certainly a possibility (and one that should be considered regarding stops for those going long for a bounce trade here), or we bounce soon, quite likely into the close today and/or tomorrow. FWIW- I favor the latter.

ES 60-min Oct 10th

ES 60-min Oct 10th

2018-10-10T15:02:29+00:00Oct 10, 2018 3:02pm|Categories: Equity Market Analysis|3 Comments

3 Comments

  1. nswenson520 October 10, 2018 3:12 pm at 3:12 pm

    These bounce trades are giving back a good chunk of my profits.

    • surerefund October 10, 2018 3:33 pm at 3:33 pm

      I thought that you had a tight stop. I am still holding tqqq.

  2. FrancisQ October 10, 2018 3:40 pm at 3:40 pm

    I think what happens is that instead of a oversold bounce before it drops to 170, it skips the bounce and heads straight down to 170 because the market just given up.
    Looks like that’s what happening now.
    .
    Capitulation day!!!

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