QQQ & SPY Hit Support Where A Minor Reaction Is Likely

QQQ has now hit the next target/support level highlighted on the recent 60-minute charts where a reaction is likely although I still favor a move down to the 163 area before any meaningful rally. QQQ 60-min March 22nd Not coincidentally, at the same time SPY has hit the next support level recently covered on the 60-min charts & has already started the typical reaction. I believe this reaction will be relatively minor & fleeting with another thrust down to the 264.88ish level before any meaningful bounce. SPY 60-min March 22nd

Mar 22, 2018 9:53am|Categories: Equity Market Analysis|Tags: , , , |2 Comments

Stock Market + FAAMG Analysis & Outlook (video)

Technical analysis of the US stock market via QQQ (Nasdaq 100 tracking ETF)  & SPY (SPY 500 ETF) providing both the near-term & intermediate-term outlook. The outlook for the market-leading FAAMG stocks is also covered. There are some significant technical developments, chart patterns & key levels to watch at this time as the market could be on the verge of another sharp correction. While this video runs longer than most market updates due to the additional coverage of the FAAMG stocks, including potential price targets, probably scenarios, etc., I believe it is worth watching due to the elevated potential for another [...]

Mar 21, 2018 11:16am|Categories: Equity Market Analysis|Tags: , , , , , , , , , , , , |6 Comments

QQQ & SPY Testing Support

QQQ (Nasdaq 100 Tracking ETF) continues to test the 170.90ish support level defined by the January & February reaction highs as well as the March 9th gap & breakout above that former resistance level. The 60-minute trend indicators on the Q's remain bullish for now although they are poised to cross bearish if/when QQQ backfills the March 9th gap as I suspect it will soon. QQQ 60-min March 15th SPY (S&P 500 Tracking ETF) has now backfilled the March 8th gap, the bottom of which is both gap as well as price support, with the 60-minute trend indicators just [...]

Mar 15, 2018 2:36pm|Categories: Equity Market Analysis|Tags: , , , |0 Comments