QQQ & SPY At Support, Bounce Likely

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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


  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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