first off, my apologies for the site being down this afternoon. i’ve gave my web-hosting provider an earfull and i plan to change providers before the end of the year, as soon as i find a suitable & reliable replacement.
i had tried to point this out earlier today but with the site being down, wasn’t able to make any posts. call me a trading geek but i just love how all these various time frames on different indexes usually come together to produce nice buy and sell signals.
this morning, i had reiterated the importance of the 1420 support level on the $SPX, which was taken out and then some on the post opening sell-off. we then went on to hit the first target (key support) on the $NDX/QQQ, which resulted in the expected bounce off that level. from there, the QQQ bounced sharply, retracing nearly 90% of it’s losses on the day and almost 50% retracement on the $SPX until the $SPX topped out at the 1419.31 level, thereby providing a very objective short entry or add-on opportunity (or a chance for trapped longs to exit positions).