Semiconductor bellwether has dropped about 26% from its high. No signs of stabilization yet. 61.8% fib support of last leg up move comes at about 253, where traders may wager a speculative long, with tight stop (250).
QQQ is breaking out from its weekly consolidation with a 43 point range.
Expecting QQQ to get to 340-346 in due course of time.
This weeks top 5
Covid 19 vaccine progress
Volatility from lockdowns
Brexit go/no go yo yo
ECB stimulus Thu announcement.
SPY gained 0.65% on Friday for its sixth straight record-setting advance. The Nasdaq Composite gained 0.6% to close at a record high, while the small caps IWM was up 0.85%
All 11 S&P 500 sectors closed in positive territory, with leader energy (+1.9%) and the laggard health care sector (+0.2%).
SPY has now broken through the weekly upper trend line.
As laid out in the earlier posts, the 12K was fulfilled.
BTC is now finding support where it should.
But going long only if the downward sloping resistance line is taken out.
That resistance today is at 11682.
Well friends, as suggested in my earlier posts SPY was expected to make a new high.
That potential has been fulfilled.
The price has been channeling for the past few weeks.
Now trending at its upper trend line.
Expect day liquidation breaks (about 3-7) SPY points to be bought while price channels.
Strong support at 324-327 band.
to new highs.
SPY closed up 0.62% yesterday.
Most gains were in overnight gap from ES futes.
Mom squeeze has again changed colors and pointing up.
ES futes showing mild weakness, down -2.00 as of now.
SPY remains on track for new price highs in the coming weeks.
SPY closed up 0.7% yesterday.
With most of the gains from gap open.
Yesterday was a narrow range day (NR7).
Such days are compression days and energy release can be quiet explosive in either direction.
ES futes are down about 13 handles and suggesting SPY open down about 0.4%.
Support is at 320.50.
A more that 1000 points in 15 mins. liquidation break is being steadily bought.
A weekly close above 11470 is likely to propel to 14K 1st target.
RSI staying above 50.
RSI and price downtrend line now overpowered.
Good potential for achieving 14k target.
SPY closed up 0.79% last Fri.
And at the ATH monthly close.
Augurs well for new price ATH.
ES futes trading up +19 handles as of now.
SPY suggested up open about 0.6%.
Most Mondays are green in the past 2 months.
Big cap tech has been pulling the other indices with it.
Strong earnings, in the face of pandemic, is exceptional.
SPY closed down 0.36% yesterday.
After being down considerably more in the morning session.
Index found support at 319.50 level as shown KAMA moving average.
ES futes are up 8.75 handles at present on the heels of stellar big tech earnings.
Expecting SPY to open up about 0.33%.
Staying neutral as squeeze momentum indicator trending down.
And RSI trendless,...
SPY closed up 1.2% yesterday on heels of soothing words from the FRD.
However, ES futes are down 28 handles as of now, giving up most of yesterday's gains.
Dismal economic data in Europe and US is weighing on markets at the open today.
Staying neutral appears to be the right call at present.
After a choppy morning trade SPY had a liquidation break later in the day to close down 0.63% yesterday.
Mom squeeze divergence continues is downward trajectory.
As does RSI though it still remains above 50, hence positive.
ES futes are trading up 11 handles projecting an green open for SPY.
Staying neutral for the time being.
SPY closed up 0.73% yesterday.
It remembered Monday, so had to be up, especially on Corona vaccine positive spin.
Yesterday SPY kissed the back side of the broken support line.
Tech heavy QQQ ramped up 1.78% as vicious rotation continues.
ES futes are negative -12.25% as of now.
Banks keep trading very sluggishly.
More weakness in this group will pressure...
SPY closed down 1.19% yesterday.
Tech mega cap index, QQQ. got slammed for 2.61%
MSFT, TSLA, NFLX earnings were good but they got sold anyway.
Frothy valuations I guess.
SPY RSI has diverged. Price made new high but RSI made lower high.
Short term RSI trendline is undercut.
Mom squeeze indicating caution due color change.
Expecting sideways movement with...
SPY closed up 0.57% yesterday.
Beating small caps and tech mega caps indices for a change.
Stimulus talk appears positive for the market. Buy the rumor.
Coronavirus count increase a negative. But each day brings vaccine availability closer.
ES futes treading water, up +4.5 handles as of now.
Mom Squeeze indicator remains pointing higher.