SPY was down .13% on Friday and we are still in that trading range between $404 and $417.Lets keep it simple again. if we break out to the upside and cross $417 then we are looking for the bull trend that could take us to the August highs in the low $430’s and to get more bearish we need to break down below $404 and then we will be looking for a retest of the 200-day moving average and to close the gap. Gap Fill above is at $415 and below is $407
QQQ was down .36% on Friday and is still in a bull trend as I mentioned on Friday. We hit our double bottom price target of $327 and then the triple Q’s traded up to $327.17 and then got the Heisman and was rejected. If we break $327 and close there, we could trade back to the August highs. Manage your risk at the breakout above $321 but if we break-down below support at $321 then we will be looking for the gap fills at $315 and $308
Keep in mind this market rally is primarily in Big tech in a few names so be defensive and use stops.
Google we reached our price target at $117, and we now have the gap fill at $113. If we do continue to go higher we will be looking for the next strong resistance at $120 but overall, we are reaching the price targets, so we expect to cool off.
On Friday We went short 1,000 Shares of TSLA at $177.02 and covered 700 Shares at $168.32 for a $8.70 gain or approximately $6,090 in profits. We are still short 300 shares at an average cost of $177.02
we are up roughly $2900 and are moving our GTC Buy stops to $169.50.
G. Allan Collins