The SPY is right on the 100 DMA. Its used this average to bounce off of several times the last couple of years and has been a good spot for support.
The IWM closed under $209 by a buck fity. The 209 level is a weekly spot where the IWM has been bouncing off of since last January. This has also been a good spot of support.
The XLF got below but ended up closing above the 20 DMA today just under the $40 target I first put on the board this morning. Banks will be reporting all week and this morning Goldman will Sack You reported horrific numbers. I also have further expected downside to get to before I jump on this train. Right no it is a wait and see.
The QQQ went all the way down to visit recent lows today at 369.50, then it came back a little bit. I'm a owner of some PUTS, but I didn't sell mostly because it closed near the low today. I'm targeting the 200 DMA as a spot I will sell some of those PUTS. I will also sell if we get a rally tomorrow and start closing short term candles (10 minute, then 15, and finally maybe a 30) above $372.50.
SMH got smacked down pretty good today on some above average volume, then it closed near the lows as well. I'm holding out that we will see a lower low here at $287.50.
All in all, just about all of the markets are set up for the buy the dip crowd to come in and buy tomorrow. The setups are so obvious that I think it may be a complete trap brought to you by the trick, trap, fool and F you sideways crew. It has the look of leaving a big ass gold ring out on the sidewalk with no one around watching it. You just know that the coppers have set a trap. Conventional wisdom would say to jump the F in and ride this puppy up to the next high, but I think we may start the day down especially in the QQQs and SMH markets, they have a little ways to go to make so technical signals for me atleast. Then if that happens, I think we may get that rally. If we just gap up, I'm gonna be concerned of a gap and crap, and if that happens tomorrow can get real ugly in a fast way and the slightly lower lows I'm looking for will be gone and the lows will be allot lower.
Either way it should be fun and you have to watch the opening and be ready for big swings in both directions.
The IWM closed under $209 by a buck fity. The 209 level is a weekly spot where the IWM has been bouncing off of since last January. This has also been a good spot of support.
The XLF got below but ended up closing above the 20 DMA today just under the $40 target I first put on the board this morning. Banks will be reporting all week and this morning Goldman will Sack You reported horrific numbers. I also have further expected downside to get to before I jump on this train. Right no it is a wait and see.
The QQQ went all the way down to visit recent lows today at 369.50, then it came back a little bit. I'm a owner of some PUTS, but I didn't sell mostly because it closed near the low today. I'm targeting the 200 DMA as a spot I will sell some of those PUTS. I will also sell if we get a rally tomorrow and start closing short term candles (10 minute, then 15, and finally maybe a 30) above $372.50.
SMH got smacked down pretty good today on some above average volume, then it closed near the lows as well. I'm holding out that we will see a lower low here at $287.50.
All in all, just about all of the markets are set up for the buy the dip crowd to come in and buy tomorrow. The setups are so obvious that I think it may be a complete trap brought to you by the trick, trap, fool and F you sideways crew. It has the look of leaving a big ass gold ring out on the sidewalk with no one around watching it. You just know that the coppers have set a trap. Conventional wisdom would say to jump the F in and ride this puppy up to the next high, but I think we may start the day down especially in the QQQs and SMH markets, they have a little ways to go to make so technical signals for me atleast. Then if that happens, I think we may get that rally. If we just gap up, I'm gonna be concerned of a gap and crap, and if that happens tomorrow can get real ugly in a fast way and the slightly lower lows I'm looking for will be gone and the lows will be allot lower.
Either way it should be fun and you have to watch the opening and be ready for big swings in both directions.
