Good Evening,
SPY closed down 1.33% today and closed at 430.21. We are at SPY critical support once again, once we break 430 the next leg lower looks like it will take us down to the mid to low 420’s so the downtrend continues until we break back above critical resistance at 437.75. So critical resistance remains in that 437.75 range and if we break SPY 430 to the downside look for a quick trip back to support in the 420 Zone again. If we break SPY 430 to the downside, I suggest going risk off and if we break SPY 437.75 it’s risk on until we see a breakout of that range and likely continue a trend at which time it will be a lot more favorable for swing traders.
QQQ: The Nasdaq 100 Triple Qs were down 1.31% to close at 363.37. The bulls need support 360-362 to hold that’s critical support. If we break there, then there’s a good chance were coming down to 347. We are in a downtrend until it’s not… so stay nimble. We covered all our shorts. I’m waiting to see if we breakdown or breakout.
COPY Of Yesterdays mails to members Below:
We covered 519 AVGO af 866.05 for approximate profit of $11,398
We just Covered the 1,500 shares of NVDA at 419.68 we went short this morning at $436.07. Approximate profit of 24,400.
We were still short 900 shares of TSLA at 258.20, we just covered the last 900 shares at 248.39 for an approximate profit of $8,900 in just a few day
We are in cash for now. Stay Nimble
Cheers,
G. Allan Collins
