* QQQQ 33.05 after trading to QQQQ 32.96 below the 33 pivot which I noted yesterday.
* SPX 883.92 after trading to SPX 882.80 as anticipated key pivot for a correction confirmation.
* SPY 88.80 after trading to SPY 88.50.
* DOW 8284.89 after trading to 8262.43
* Nasdaq 1664.19 after trading to 1664.19 below 1669 pivot which I noted at 1:19 pm.
SP500: 900 ~ 880 /850
DOW: 8400 ~ 8250 / 8000
Nasdaq: 1700 ~ 1660/1620
QQQQ: 33.50 ~ 33/31.50
* Intraday is becoming oversold - will reassess after a bounce which I am anticipating.
Markets are overbought as many stocks are already traded up over 100%, and chasing overbought markets will mostly result in significant loss, except day trading and VST trading.
SPX 15 min
Pivotal area: SPX 920-888
With the mild sell-off/profit taking, we now have moderate sell-momentum which can be seen on major market indexes. SPX traded to 882.90 then bounced up closing at 883.92. Intraday is now oversold, however, with the initial profit taking phase, we will likely see a continuation of down trend into Mid year CIT which previously noted.
* Intraday is becoming oversold - will reassess after a bounce which I am anticipating.
*** SPX 875 +/-
Key area which is a pivot for intraday bounce.
* SPX 908 +/-
Intraday resistance at where traders would likely sell.
We are seeing progressive correction going into the Mid-year CIT. While we still have DOW and SPX have not broken below the uptrend line supports, Qs and other major indexes are clearly trading below the recent uptrend line. Considering other technical reading factors as previously stated, our anticipation for a correction is now becoming realization. As noted on earlier commentaries, SPX 750 -800 target is the best case scenario correction targets. On the other hand, we could see other bearish scenarios which are 1) retesting the March 6, 2009 low, and 2) trading to SPX 555 and DOW 5555. At this point, I do not see the bearish case scenario during this year.
** This correction is just started, with a continuation of market correction, hence, it is better to take profit than thinking that we are going to right back up. Considering other technical factors, markets are still very overbought
* Markets already rallied 30-40%.
* Many stocks are already rallied 100-200%.
* Markets are very overbought!QQQQ 60min
Qs closed at 33.02 below the 200ma which I previously commented that closing below the uptrend moving average would give us a signal as a confirmation for a correction.
* We now see a converging 50/200 with which we may be a confirmation of a ST trend reversal, as weekly price actions are very overbought.
QQQQ Daily
We have seen a range expansion day today:
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* We may see a faster momentum to downside as markets as previously noted that faster markets rise, faster markets will fall.
* Key downside target:
QQQQ 30.50 +/- unfilled gap
* The outlook will be adjusted when necessary.
SPX 60min
SPX 60min bounced up at the 880 lower price channel support 882.80 +/-
* We may see a faster momentum to downside as markets as previously noted that faster markets rise, faster markets will fall.
* 908 - 900 bounce R
* Pivot 875 +/-
* The outlook will be adjusted when necessary.
SPX Daily
SPX 60min bounced up at the 880 lower price channel support 882.80 +/-
* We may see a faster momentum to downside as markets as previously noted that faster markets rise, faster markets will fall.
* 908 - 900 bounce R
* Pivot 875 +/-
* SPX 800 - 750 correction target
by mid-year CIT.
We may see more correction during this down turn cycle as I previously noted that the Fed intervention is usually retested. Downside targets will be adjusted as markets unfold.
* The outlook will be adjusted when necessary.
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