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SPY & QQQ Both Approaching My Near-term Price Targets

The SPY is approaching my previous stated preferred near-term price target of 202.10 while QQQ also approaches my minimum downside target of the bottom of the Oct 22/23rd gap. As such, the odds for a reaction (bounce and/or consolidation) are quite elevated at this time & while I am reducing some short exposure here to lighten up before the weekend, I do not plan to reverse (go net long) or fully hedge up at this time. If I see anything that convinces me otherwise before the close, I will communicate my thoughts here or in the trading room.

String of the recent 60-minute charts of SPY & QQQ give a quick pictorial of the anatomy of a rising wedge breakdown & subsequent selloff, with the updated chart at the end of each string.

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Nov 13, 2015 3:16pm|Categories: Equity Market Analysis|Tags: , , , |2 Comments

2 Comments

  1. Shambo November 13, 2015 3:32 pm at 3:32 pm

    great post Randy. Nice to see the chart progression. I said this morning that I would close my positions at gap support, and I should probably lighten up like you and HP. But if we finish down right into the close I’ll probably stay put.

    Can you tell me the easiest way to upload TC2000 charts? Do I have to take snapshots of them, save them, then post them, like I have been doing?

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    • rsotc November 13, 2015 4:15 pm at 4:15 pm

      Unfortunately, TC2000 does not provide the ability to share your charts via a link as stockcharts.com & some other programs do. TC2000 does have a “save chart image” feature (just right click any chart & you’ll see the option). However, I don’t care for all the extra crap they throw in with the image.

      I use a premium (paid) screen capture program called Snagit but the same company offers a free version called Jing which might work fine: https://www.techsmith.com/jing.html
      I haven’t used Jing but another option on some versions of Windows (I know Windows 7 has it) is the snipping tool. Click on the windows button on the task bar, then All Programs/Accessories/Snipping Tool. If you like that one, just right click on it (before you open it) and click either “Pin to Taskbar” or “Send To: Desktop” and you’ll have a quick shortcut to open it. I’d image Macs have a similar snipping tool as well.

      So basically, yes. Unless you can post a link to a chart using other programs, for TC2000 you must take a screenshot, save the chart & then upload it.

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