themarketzone

Strong support and broken trend line being tested

NASDAQ:QQQ   POWERSHARES QQQ TRUST, SERIES 1
$QQQ gaped down today and violated the bullish Bat I was motioning.
Now with $QQQ below its 200 SMA line for the first time since October 2014 (when the Fed came to the rescue), it is testing a strong daily support zone and the broken downtrend line.
SPX             is testing the 2000 level - Psychological level that could changed things and fast is these crazy summer trading days.
I suggest to also notice the VIX             today. A close back below 20 could be a bullish signal towards next week (remember that 12 zone I mentioned as critical support in VIX? See how powerful its effect was.. )

My first target for this possible bullish scenario is the 38.2 Fib correction and it gives you about 2 R/R ratio

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