Suffice it to say I think that Friday's action was very telling. The Q's were pushed to critical support, and even there I do not think they are oversold. I would not short them here, but I do not expect them to bounce from the $46 test unless we get a rally on Tuesday.
Something of note was the VIX - it barely closed above its 20 MA, but that is the first time it has closed over its 20 MA since back in July.
SPY gave back all of its gains from Thursday. The strange player was XLF which was surprisingly strong in holding up. I do not expect this to last, however. It is my opinion that the odds favor the markets to move down from here.
Anyways, sorry for the brief recap. I will try to be more thorough in the future.
Tuesday's pivot point support and resistance levels:
| IWM | QQQQ | SPY | XLF | |
| R2: | 74.96 | 47.59 | 130.78 | 21.79 |
| R1: | 74.42 | 46.85 | 129.78 | 21.60 |
| PP: | 73.97 | 46.39 | 129.15 | 21.36 |
| S1: | 73.43 | 45.65 | 128.15 | 21.17 |
| S2: | 72.98 | 45.19 | 127.52 | 20.93 |
No comments:
Post a Comment