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US Equity Market Update

SPY stopped cold at the mid-point of the 2 month trading range, a level which has acted as support & resistance throughout the trading range. While a solid break above would likely bring prices back to the top of the range, a rejection off that level today would likely bring prices back down to the bottom of the range, 215.30 area (preferred scenario).

SPY 60-minute Sept 22nd close

SPY 60-minute Sept 22nd close

QQQ closed right on a backtest of the recently broken uptrend line. If the Q's are above to hold 118 on any pullbacks, that would be bullish while a failure to remain above the 118 level would indicate a failed breakout.

QQQ 60-minute close Sept 22nd

QQQ 60-minute close Sept 22nd

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Sep 23, 2016 9:31am|Categories: Equity Market Analysis|Tags: , , , |2 Comments

2 Comments

  1. Dazi September 23, 2016 9:57 am at 9:57 am

    Thanks for this update, Randy. Am watching those levels..bought SQQQ yesterday.

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    • Dazi September 23, 2016 11:26 am at 11:26 am

      Sold SQQQ for a little profit.
      Now we can watch QQQ fail miserably as it ought.

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