Our Bearish bias below 50 MA came into play. Ugly action in market as bears took control once SPY broke that 100 MA support.
SPY closed right on 200 MA. At this point 200 MA is weak support. Ideally a gap down open below 200 MA should catch some sort off bounce but it is tricky as the former leader , technology index QQQ is far away from 200 MA.
QQQ needs to get over 100 MA to get some bullish momentum. Still a possibility that February lows will be retested . Next week also is end of the quarter, there might be some “window shopping” in strong names so i wouldn’t be surprised to see a bounce attempt soon. Just need to wait patiently and watch how intra day chart setups(action around 9/20 EMA and vwap). If you are not sure what to do, just sit out , protect capital and wait for a better market condition.
Slim picking as far as watch list. I’ll mostly focus on index ETF’s like TQQQ, SPXL, TNA, LABU etc.
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