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QQQ SPY Support & Target Levels

QQQ is trading at the top of the S1 support zone with potential divergences forming. Should prices make a solid break and/or close below the bottom of the T1 zone, a swift move down towards the S2 level would be likely.

QQQ daily Feb 11th

QQQ daily Feb 11th

The SPY is trading just above the S1 zone with potential divergences forming on the MACD & RSI. I am leaning towards the bullish of the two scenarios outlined above (a meaningful bounce off the S1 zones) but still keeping things light for now. At the very least, I believe that the R/R to adding new short exposure at this time (at least until/unless the S1 zone is taken out) is quite unfavorable. As mentioned earlier, should the equity markets find support here soon & rally, gold & GDX are likely to fall sharply as the recent flight-to-safety bid is quickly unwound. The flip-side holds true, should equity markets break support & start a waterfall selloff towards the S2 levels. I will add links to the live versions of the charts to the Live Charts page asap.

SPY daily Feb 11th

SPY daily Feb 11th

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Feb 11, 2016 11:27am|Categories: Equity Market Analysis|Tags: , , , |1 Comment

One Comment

  1. alshaw February 11, 2016 12:36 pm at 12:36 pm

    BUY BUY BUY BUY BUY SPY AY 180

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