Good Morning,
Spy was up 0.45% and we are stuck in a trading range between $390 and $400
This week volume will be lower than average so the market makers will have an
easier time manipulating price movement. If SPY breaks $400 they can possibly
take it up to the $414-$416 range, if that occurred the bears would most likely
take advantage of much higher prices and push us back below $390 and start
the next leg down there is a gap to close at $382 and critical support at $374.61
and if we do break $374.61 look for a quick rundown to support at $359.71
QQQ-The QQQ’s closed unchanged we did close above the 50 Day moving Average which
is $277.37 but we are still below the $200 Day Moving Average of $307.62.
We have been in a trading range between roughly $280.75-$292.99. If we break
$280 it looks like the bears will go down to fill the gap at $268 and conversely
if we slice through resistance at $293 the bulls will go to fill that gap at $308
NVDA closed down 1.7% on Friday and looked pretty weak going into the close.
NVDA ran up almost 40% in a couple of days before a pretty bad earnings report
it looks like the bears are looking to take this one down to fill the gap at $142 after
breaking support of $156 on Frida It looked like the bears are looking to Push
back down to critical support of $133
We are still long December 155 Puts. Currently Printing $$
Good luck and Cheers!
G. Allan Collins
