In todays morning edition of daily stock market analysis, we will look at SPY , QQQ.
SPY, yesterday went to a high of 364.38 and is retracing back. The first support is around 344 area which is the conversion line backed up by the flat line support around 342 and 340 areas as shown in the daily charts. This move will also make SPY drop 90 degrees before it starts its ascend to 368.
QQQ also had started falling down from a high of 299.14 and is moving towards the conversion line at 283 followed by the flat line support at around 280 area
FSLR went below the support line of 84.18 in the premarket and is trying to bounce. If FSLR manages to stay above the support line, FSLR has potential of going to 100.
MSFT retraced from a high of 228.12 and is heading towards 213 area in the cloud. if MSFT manages to bounce back and stay above the cloud and 216.54 resistance, it has a good chance of going to 230 and above by next week.
PTON is giving a good entry. Yesterday, PTON finally reached the flat line support of 95.42 and is second day above this flat line. If it manages to stay above this line, It has potential of reaching 150. However, it needs time. If you are playing options and if PTON manages to stay above this line today, would recommend Dec or Jan calls.
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