Comments on: SPY & QQQ Testing Support

By: Outsource

Outsource — Fri, 06 Mar 2020 04:40:47 +0000

From down under, it looks like NQ will be testing Tuesday’s low very soon as Randy suggested.

By: Nana

Nana — Thu, 05 Mar 2020 20:15:51 +0000

In reply to rsotc. @rsotc Randy Do you want to give some input based on today's move. So that accordingly we will position our self for tomorrow trading.

By: Marl1979

Marl1979 — Thu, 05 Mar 2020 19:43:46 +0000

In reply to rsotc. do you see a head and shoulder pattern on 8700 starting on 03/04 at 2AM?

By: rsotc

rsotc — Thu, 05 Mar 2020 19:43:10 +0000

In reply to ds2000. 3005 is minor support on /ES & it also aligns with the even more significant 8700 support on /NQ so certainly a potential reversal point with more selling likely if they are both taken out. Next support on /ES comes in around 2975 then 2950.

By: rsotc

rsotc — Thu, 05 Mar 2020 19:40:54 +0000

Another level to watch is that key 8700ish support on /NQ… bullish, if defended; bearish, if taken out with conviction.(solid 60m close below0

By: ds2000

ds2000 — Thu, 05 Mar 2020 18:18:21 +0000

In reply to rsotc. Do you foresee the next reversal on ES around 3005?

By: Nana

Nana — Thu, 05 Mar 2020 18:08:59 +0000

Thanks Randy

By: Robert67

Robert67 — Thu, 05 Mar 2020 18:01:43 +0000

Thanks for the update!

By: chuynh88

chuynh88 — Thu, 05 Mar 2020 18:00:18 +0000

In reply to rsotc. THanks Randy for your quick update

By: rsotc

rsotc — Thu, 05 Mar 2020 17:49:22 +0000

QQQ is now also trading well below the uptrend line as well as SPY. 60-minute candles are not finalized yet but not looking so hot for the bulls right now as they'll need to snap it back up above those trendlines soon or the odds for the QQQ short trade to hit the price target soon goes up considerably. Next supports to watch are those lows from Tuesday that were pointed out earlier today as the bearish case would strengthen further if those are taken out with conviction