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SPY & QQQ At Minor Support, Bounce Likely

Along with the SPY, the Q's have fallen to support following the breakdown from the intraday bearish pennant pattern. Quick traders might chose to cover some short exposure & possibly even reverse long for a quick bounce while typical swing traders need not be overly concerned as the US indices are likely to continue lower in the coming days.

As an active trader, I just covered all of my index short & took a long position as both a hedge to my individual short positions as well as an attempt to trade a quick bounce (long TQQQ, stops just below the recent lows, target around the middle of those intraday pennants). Regardless of whether on not this bounce trade plays out, I will close it before the end of the day and most likely reposition short heading into the weekend.

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Apr 17, 2015 2:37pm|Categories: Equity Market Analysis|Tags: , |Comments Off on SPY & QQQ At Minor Support, Bounce Likely