Determine the next target for $SQ is not an easy task.
But the least I can say about is SQ heavily depends on $SPY direction. And with cases of Omicron spotted in muliples states, FED tapering, 30-Yr Treasury yields leaping,
things can get ugly for $SPY if it crosses down 450 line.
As the context is set, Let us look at the daily chart:
- $SQ has already crossed a major support (190) before bouncing to 192
- RSI actually bottomed to 26 which is almost the lowest level after March 20 Krach (8)
- as per the 2 last dips, $SQ bounced by $15 in average, imo $SQ should go back to 200 which is also a big support/ resistance before plunging again if $SPY goes down
- Also, tomorrow is Friday (12/3/2021) and today, $SPY knew a big increase from 452 to 456, a pump which is likely to be ensued by a "friday selloff" conveyed with increasing cases of Omicron
In conclusion, 200-185 is a neutral zone. If we break 185, then $SQ will head to 170s, If things are going better, then $SQ will certainly heads to upper 200s levels
But the least I can say about is SQ heavily depends on $SPY direction. And with cases of Omicron spotted in muliples states, FED tapering, 30-Yr Treasury yields leaping,
things can get ugly for $SPY if it crosses down 450 line.
As the context is set, Let us look at the daily chart:
- $SQ has already crossed a major support (190) before bouncing to 192
- RSI actually bottomed to 26 which is almost the lowest level after March 20 Krach (8)
- as per the 2 last dips, $SQ bounced by $15 in average, imo $SQ should go back to 200 which is also a big support/ resistance before plunging again if $SPY goes down
- Also, tomorrow is Friday (12/3/2021) and today, $SPY knew a big increase from 452 to 456, a pump which is likely to be ensued by a "friday selloff" conveyed with increasing cases of Omicron
In conclusion, 200-185 is a neutral zone. If we break 185, then $SQ will head to 170s, If things are going better, then $SQ will certainly heads to upper 200s levels