Ugly action continues in the market after that 30 minute chart range breakdown on Wednesday.
SPY tested weekly horizontal support 270 area. Needs to close the week over 274, 50 MA on weekly chart.
QQQ broke 200 MA, needs get over and stay over 200 MA again. On 15 minute chart 20 EMA acts as resistance. Needs to get over and stay over 20 EMA/15 minute for a bounce.
Extreme oversold market and we could have a relief bounce soon. However i doubt it will be an easy uptrend from here this time around. Way too many damaged charts and no leadership stocks left. Slim picking for tomorrow. I will be mostly watching index ETF like TQQQ, TNA , SVXY. Again it is extremely volatile out. This is the type of market that can blow your account. Unless you know what are you doing, just sit it out! Let things settle down!
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