As promised, an updated video. We are at support levels on NQ and SPX, so a little lower at open could happen but on SPX I expect a bounce back to 4390 at least. Right now the idea of a thrust up to 4500 does not look good, but with the small time frame RSI so low, a bounce is likely today at some point, probably after the open. If the more important level of 4350 gets taken out, any backtest of that level will be an ideal shorting opportunity but I don't think that level breaks down without a fight.
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QQQ at it's 100ma
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SOXX below it's year long channel, a retest is an ideal short.
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IWM leading down
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we've reached a support zone on SPX. With the RSI very low on most smaller time frames this should be a support area. Those who are bullish and think a move up is still possible, this is an objective buy area.
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SPY now at support as well, A little lower is possible but this area should find buyers.
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with the rsi reading this low, if we get over 4400 a run to 4450 is possible. I think it would surpise the majority but it would simply be a test of a very important level and another lower low.
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correction - "another lower high"
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Could be the bottom for now, lots of support in this area on the major indexes - QQQ and SPY -
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broke supports, looks like 4300 is next as of now. If we open near there tomorrow we may get some traction. Starting to look like a waterfall scenario.
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this is where we are on futures. if they can get over 4450 today I expect that 100ma to be tested near 4390.
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the DOllar (DXY) is at strong resistance, may pullback today and give lift to the markets. We'll see...
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we opened near support, if they can hold it we could rally today. RSI on smaller time frames showing a hint of bull divergences. Getting to the gap on SPX would be an initial target.
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so far 4335 is being held, I think it keeps going. Will confuse both sides for the weekly close if so.
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NQ back to it's trendline. If they can get over the line it will looks like a false breakdown on the weekly chart. a fight here should be expected - and tricks and traps.
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QQQ gap above, that is a resistance zone based on price as well. One more down still possible on the indexes.
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Q' s to gap - it does look corrective so far.
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small time frames may be an abc complete. if so the high for today is in. not a bad short entry attempt considering qqq cant break the gap still..
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4300 area looks like the target, maybe too low. This should be the last wave down and convince both bulls and bears the market will crash next week. I don't think so just yet.
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wherever this lands, it will put in strong hourly bull divergence on small and mid time frames. I think this move is almost complete. Next week should bounce - if this is correct
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current count. I think they'll sell the close today, max fear at weekly close then gap up monday if I'm right.
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target for 4 reached, if correct they sell it into 4pm
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could be an ending diagonal down if they can hold it here.
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4300 still makes sense, maybe end of the day they hit it.
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end of week panic. not saying to buy it, but monday gap up wouldn't shock me
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someone is buying here. This ending diagonal may actually be done, not sure. Either way, I'm going home flat. Will make a video this weekend once I study. Have a good weekend!
