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Stock Market Analysis & Outlook for 2-28-17 (video)

Technical analysis on the US stock market via SPY & QQQ providing the near-term & intermediate-term outlook. Key support & resistance levels as well as potential buy points are also highlighted.

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link to video on YouTube

 

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2018-02-28T11:45:57+00:00Feb 28, 2018 11:45am|Categories: Equity Market Analysis|Tags: , , , |4 Comments

4 Comments

  1. morrienelson March 1, 2018 8:23 am at 8:23 am

    The SPY closed later in yesterday’s session at the support/resistance zone, still feel confident that this is the area to load for long? Thanks

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    • rsotc March 1, 2018 9:31 am at 9:31 am

      Just to clarify the term “load”, if you mean in the sense “load up heavy” or “load the boat” with longs, then no. In fact, I’m still leaning to a little more downside before the next leg up & as I’ve been going through the chart of the top stocks in QQQ & SPY, I’m not liking what I see on several of them. I’ll share those charts soon but bottom line: I’m holding off on adding back any long exposure right now but may do so if SPY approached that support zone that comes in around 268.50- 266.50.

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  2. morrienelson March 1, 2018 10:12 am at 10:12 am

    Thanks – Load was probably the wrong term to use when I wrote the comment. Adding long exposure should have been the operative word and will wait to see what your analysis holds. thx

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    • rsotc March 1, 2018 10:48 am at 10:48 am

      Of course. As the meaning or interpretation of some words & phrases can vary, I just wanted to clarify & state that I still very much think that it is best to keep things light at this point in time as although I’ve laid out my scenario of the market taking out the Jan 26th highs before it takes out the Feb 9th lows, my convictions are certainly not high enough to be aggressively (which to me means over a 100% net long exposure via leverage) or even fully (roughly a 100% net long exposure).
      Over they years I’ve heard many traders use the term “load the boat” or “load up on…” to go very heavy on a position or long/short the market & even I’ve used that term in the past. Glad we clarified it & thanks for the question as I shared my reply on the front page for all to see as I think it was a good one.

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