@rsotc: how should that have been interpreted? Bullish, right? But if it falls back down into the channel (like it has done now), not so bullish?

QQQ and SPY min bounce targets are off? QQQ is kinda high?

Is there a bounce target that you are looking at right now on the QQQ?

/ES & /NQ just took out those short-term downtrend lines.

It started in the Senate, where it passed. Now it needs to be voted on in the House, then signed by the President.

Hi Randy, Do you expect a pop after the stimulus passes, followed by a short op?

For QQQ, I have my short buys at break below 185 or break above 189.2

The markets are dynamic and so is his analysis :)

I THINK WHAT HE IS SAYING IS RIGHT NOW THERE IS A DEFINED PRICE CHANNEL, AND IT FELL TO THE BOTTOM SUPPORT. COULD BE GOOD OPPORTUNITY TO RIDE THIS BACK UP TO THE TOP OF THE CHANNEL. SHORT TERM RIDE UP, AS THIS IS OVERALL A DESCENDING CHANNEL. UNLESS IT POPS ABOVE THE TOP OF THE CHANNEL.

Exactly. I also added to those comments in my reply above with that whole “swing trading with the FF button on 10x speed” thing.

I think that might be the best strategy for a typical, less active swing trade. As a very active trader, I’ll take a shot at what I expect to be a 2-4% bounce in /NQ, /ES & /RTY (long all 3 right now) all day long. I look at it this way:

If I am short the stock futures & I suspect the odds are good for a 3% counter-trend bounce or pullback, if I reverse my trade (long to short or short to long) and I am successful in gaming the bounce or dip, then I just effectively made not 3% but 6% on my money; 3% on the bounce + another 3% in losses/profit givebacks by closing out the other position.

I may not get the bounce I’m looking & if so, then I end up losing on the position I reversed into plus the missed out additional gains on the position (long or short) I was in before reversing. However, the stops on the reversed position would be limited as I would be reversing at a support or resistance level with stops somewhat on the other side of it.

Finally, keep in mind that in the past, I rarely post such active trading.. in & out day trade stuff like this on the home page, rather such trades are usually only posted in the Day Trading group within the Trading Room. However, we are experiencing such extreme daily & even intraday price swings which effectively provides us with a swing trading environment (gains of 3-10%+ on trades) where the holding period on those trades has been reduced from weeks or months down to mere hours or days.

I listed some potential bounce targets in this comment section above. My convictions on where a bounce off the first targets in SPY & QQQ, which were just hit, or even if we bounce at all, are not very high although I do put favorable (better than 50%) odds on a tradable bounce here.
In addition to the potential bounce targets on SPY & QQQ that I posted in the other comments above, here is a potential bounce target for /RTY (small-cap futures) that I posted in the trading room with an objective long entry off the 1116 support. That small horizontal line for the min. bounce target comes in around 1155 & would represent a bounce of right around 4% (off the 1116 support) if hit so you can correlate that with a bounce in IWM, should we get one, off its comparable support around 111.

Hard to say at this point whether or not this is the start of a new leg down that will take out the previous lows but I do believe it is at least the start of a larger correction that will continue below these first targets that have now just been hit on SPY & QQQ in the regular session (or at least close, as the LOD on SPY so far was 251.05 as I type at 10:01 am vs. the target/support around 250.50, so maybe a hair more downside before a bounce although we could very well take those support levels out & continue on down to the next targets around 245 on SPY & 183 on QQQ. I still favor a tradable bounce first but open to any & all possibilities.

Flirting with SPY 253 now.

I believe thats the active trader vs swing trader philosophy. Depends on how glued to the charts each person is, or can be.

Thanks for your intraday comments Randy. Really helps :)