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Market technical analysis with Options Trading Ideas SPY, QQQ, FB, HD - November 5, 2020

Updated: Nov 21, 2020

In todays morning edition of market technical analysis with Options trading ideas, we will look at SPY , QQQ, HD, FB

SPY , In premarket, raced to 350 and above from a low of 322.60 formed on 10/30. So, in a matter of 4 days, it has covered 135 degrees and above

322 331 340 349 358 367

As we have been mentioning all the time, 365 area is very critical for SPY and feel there is at least 2-3. weeks for SPY to get there. So, we might see a retracement in SPY to at least Lead span B at 339 and below after touching 351 at 87.5 retracement. May be I am wrong but I would be cautious with this fast move. Also, one thing to note is that Lead Span B is still above Lead Span A in the daily charts

QQQ also has moved 135 degrees and above and has crossed critical 289 resistance area to 294 in the premarket. It has potential to go to 310 area.

266 274 282 291 300 309 318

Since it has covered 135 degrees, expect this to even retrace to a min to 280-278 area after reaching 297

As shown in the picture, FB had crossed the flat line resistance of 296.18 in the morning and has retraced below the flat line resistance of 293.68. FB has covered 180 degrees and is around the critical gann resistance of 289. FB definitely needs to retrace before it can make a move up.

257 265 273 282 291

Will fb give up all the gains from where it started and go below 257.34 from where it started the up movement 4 days ago

. Lets see. If not, it should atleast reach the conversion line at 276.77

HD on the other hand is way over due. In the premarket, it has crossed 286.31 flat line. Where is this heading? Looks like for 295-300 area. . it also has earnings on Nov 17. As per Gann square of nine, it rose from 262.03 4 days ago

262 270 278 286 295

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 to learn how to earn consistent profits using technical analysis


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