In todays morning edition of daily stock market analysis, we will look at SPY , QQQ.
SPY, in premarket, reached 361.70 at the time of writing this post from a low of 350.5 on Nov 10,2020. SPY formed a high of 364.38 on 11/09 and went down 45 degrees to 350.51 and has been rising 45 degrees to 359.51 and above. 361 is an odd square (19) as per gann square of nine and it might be challenging for SPY to reach higher levels breaking this resistance.
SPY, also on its way down, did not either touch MA 10 or the flat line support at 350.24. So, I think this week we might see SPY retracing down to 350.24 and below and can go up to 340 support area that would make it 90 degrees and above from the high of 364.38.Reaching 340 area also means breaking through MA20
364.38 355.38 346.38 337.38 328.38
QQQ, on the other hand, has fallen 90 degrees from a high of 299.14 on Nov 9, 2020 to 280.62 on Nov 10, 2020. QQQ has been filling up the gap past few days and has reached a high of 293.93. In the previous wave, where the fib retracement is drawn, it reached 299 crossing 289 , an odd square (17) that acted as a resistance. As shown in the chart, it closed below 289 on Nov 9 and lowered 90 degress to 280.62. Also, as shown in the chart, QQQ could not remain above 294.53 flat line resistance. In this week, we might see the similar price action in QQQ. QQQ may go up to 297and might close below 294.53
280.62 288.62 297.62 [ Gann Square of Nine angles]
This week also happens to be the monthly expiration. With MRNA giving good vaccine results, we may see stocks rising for the first two days of the week. But, it may not be sustainable and we may see both SPY and QQQ heading down this week later.
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
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