Weekly Closing Market Wrap 11-9-18

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Weekly Closing Market Wrap 11-9-18

End of week technical analysis covering some recent developments & key levels to watch for on the US stock market via SPY, QQQ, /NQ & /ES.

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2018-11-09T16:29:53+00:00Nov 9, 2018 4:29pm|Categories: Equity Market Analysis|Tags: , , , , , |5 Comments


  1. bobblue November 9, 2018 4:43 pm at 4:43 pm

    Your analysis helped me close my position on tqqq at $57 that I got in at $48.50 and I picked up over 4% on sqqq that I closed at the end of today. I’m trying not to over trade and let the market come to me.
    PS I’m also curious your thoughts on SQ like another person on this board. Everyone have a nice weekend

    • rsotc November 9, 2018 5:05 pm at 5:05 pm

      Congrats those trades! I must have missed the other inquiry on SQ so please let me know if you can recall which member posted it or copy & paste the link to that thread so I can share this chart with them. I think SQ appears to offer an objective short entry here following the second backtest of the recently broken trendline from below. 71.50 is minor support that you could also wait to short on a break below & I’ve listed the price targets (unadjusted targets/actual support… best to cover just above) on this daily chart\

  2. Hiddenpivots November 9, 2018 8:28 pm at 8:28 pm

    Great alerts Randy? Could you please touch and show your $GS chart and targets please?
    I came in today with Nov 225 puts, banked half letting runners run… It really dumped hard at close, large BEARISH daily candle.

    • rsotc November 12, 2018 8:46 am at 8:46 am

      Near-term direction on GS is a tough call for me. On one hand, the stock just put in a divergent low on the daily chart but as you said, that was one nasty (bearish) candle on Friday. My daily chart & weekly charts are below.
      Longer-term, my outlook has not changed. Weekly chart appears to indicate GS going down to at last the 181 are & quite possible the 138 area in the coming months. Next weekly sell signal to come on a weekly close below the 213.40ish support level.

      • Hiddenpivots November 12, 2018 8:50 am at 8:50 am

        GM Randy, Thanks as always..


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