/NQ (Nasdaq 100 futures) broke & closed below the bottom of the multi-month trading range/24233 support, albeit by a relatively small margin. Although that was/is an objective short add-on, my preference is to keep a little more dry powder with room to add to shorts next week, unless /NQ moves back into the trading range & especially above the downtrend line. Previous (yesterday) & updated daily charts below.
NQ daily March 19th
NQ daily March 20th
Likewise, /ES (S&P 500 futures) also broke & closed below the bottom of the multi-month trading range/6630ish support, albeit by a relatively small margin. Although that was/is an objective short add-on, my preference is to keep a little more dry powder with room to add to shorts next week, unless /NQ moves back into the trading range & especially above the downtrend line. Previous & updated daily charts below.
ES daily March 19th
ES daily March 20th
Ditto for the index tracking ETFs: QQQ broke & closed below my key 589 price + 200-day MA support/bottom of trading range with SPY also breaking & closing below my key 653ish price + 200-day MA support/bottom of trading range,thereby triggering the next sell signal/objective short add-on & keeping the RSOTC Market Crash alert system on a WARNING (highest level) as we head into next week. Updated daily charts below.
QQQ daily March 20th
SPY daily March 20th
Once again, I will be out of town over the weekend, returning to my desk Monday evening or Tuesday morning. I will reply to any questions, comments, or chart requests at my earliest convenience after I return. Have a great weekend!
-rp
RSOTC Stock Market Crash Warning