In todays morning edition of daily stock market analysis, we will look at SPY , QQQ.
SPY, In premarket, raced to 365 and is getting closer to 370 target that we have been talking about. . This move happened very fast in 6 days from a low of 322.60 on 10.30. it has covered 180 degrees now. I doubt it will touch 368. It needs to retrace to at least 349 and below before it touches 368. There is also a risk that it can go lower than 322 as it crossed the critical gann support of 361. Today and tomorrow, we might see the market hovering below 368 before retracing. At this point, I would be cautious and reduce the longs in my portfolio.
322 331 340 349 358 368
QQQ, in Premarket, also crossed 180 degrees by reaching 302.65. from a low of 266.97 formed on 11.02.
266.97 27497 282,97 291.97 300.97 309.97.
Solar stocks have been on fire and have been way ahead of time. FSLR for example can go to 100 and above but would like a retracement for an entry point.
Have a profitable trading day !!!
Ichimoku is extensively used in the technical analysis described above. TC2000 is used as the charting tool. Also, Check out our option subscription service free trial to learn how to earn consistent profits using technical analysis