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SPY & QQQ Resistance Levels

The 2 most probable stopping points for this counter-trend bounce are the 38.2% Fib/208.39 horizontal resistance (here) or the 50% Fib/209 resistance level on the SPY & the resistance zone on QQQ that runs from 107.92 - 108.37. 15-minute charts:

For those trading the small caps, the most likely reversal range is between the 114.54 resistance level where IWM is currently trading, up to the 115.57 level (note the 38.2% Fib also comes in around the middle of that resistance zone).

IWM 15-minute June 16th

IWM 15-minute June 16thIWM

Jun 16, 2016 3:38pm|Categories: Equity Market Analysis|Tags: , , , , , |3 Comments

3 Comments

  1. Profile gravatar of david k
    david k June 16, 2016 3:41 pm at 3:41 pm

    Randy, I assume you remained short through this rip up?

    1+
    • Profile gravatar of rsotc
      rsotc June 16, 2016 3:46 pm at 3:46 pm

      Correct David. I’m in swing trade mode & didn’t cover any shorts although I knew the odds for a bounce were likely. I’m just watching the market with one eye today, getting some other things done around the house. Often on days like today, even when in swing trade mode but expecting a likely bounce off support like we had today, I’ll hedge by going long on or more indexes or sectors for the bounce, then booking profits or tightening stops when it appears that the bounce has likely run its course. Didn’t do that today as I still think this bounce will be fleeting, probably ending on another gap down tomorrow or a dump into the final minutes of trading today.

      1+
  2. Profile gravatar of joefriday
    joefriday June 16, 2016 6:44 pm at 6:44 pm

    IThanks Randy..perfect. I actually sold my Index shorts today on the drop and will reload on the turn around. I see basically same levels for this dead cat bounce…b wave or short squeeze…whatever people like to call it… Gonna go long UVXY too on the next drop… good luck and thanks,

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