Mid-Session Update April 8

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Tickers Discussed: SPY QQQ IWM

A mid- session update on the indexes with key levels and trading ideas for the balance of the session

Update on the Indexes

$SPY 30 minute

Price back tested the Tuesday close which held. Price has been driving higher since and looks destined to test yesterday’s high near $272.50. I’d expect some difficulty getting above that level, but if it does the target above is $275.

 

$QQQ 30 minute

Like SPY, QQQ held yesterday’s close and has advanced to take out T1. T2 lies at yesterday’s highs near $202.25. While a move beyond 202.25 is possible, I think it is improbable for today. I’d expect a price reaction if it makes that level

$IWM 30 minute

IWM is leading the markets higher by being up over 4%.  Yesterday’s high was 118.64. That will be the next test at T3.  There is a gap between 120-125. Any entry into that gap would favor a gap fill.  I view $125 as a prime shorting location as it is at the Dec 2018 low. Tons of overhead resistance above $125 and I dont see price eclipsing that level.

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