Good morning,
Yesterday SPY closed down .10% and we closed at critical resistance of $417. Remember, as I always say because it is a very integral part of our program. we never get bullish at resistance or bearish at support. If we get rejected on high volume then next support level is SPY $411, but if we get a break to the upside expect to see the bulls coming out on high volume, look for a short squeeze. that should take us to fill the gap at $421.
The Nasdaq 100 Triple Q’s were down .11% yesterday and the triple Q’s closed with an indecision
candle just above the gap close at $322, and we still have the double bottom price target at QQQ $327 need to get risk off if the triple QQQ’s can not hold the breakout between $319 and $321 if theres no buyers at the breakout then this was a this could be a bull trap before we go lower, we still have the gap
to fill at $308, we did fill the gap up at $322. If we start to see high volume rejection that would be a valid price target. Manage your risk at the break-out at $320. If we see the bulls come in a start buying on high volume than look to hit that next resistance at $327.
The ARKK ETF we were down another .50% yesterday and we still have the bear trend and we still have the valid Double,Triple Top which should take us down to $29 while we are trading below support of
$37.
Cheers,
G. Allan Collins
