Mid – Session Update

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Tickers discussed: SPY QQQ IWM   Strategy & Tactics

The Mid Day update provides the stock market analysis at mid-day. Key levels and trading locations for the indexes are provided, along with trading plans and timely commentary to keep you on the right side of the trade.

Rotation Continues

The mass exodus from high flying and market leading tech names continues.  Software and FAAMG getting hit. As we discussed this morning, because of the sheer cap weighting of the FAAMG names, beaten down names can do well in the face of declining market averages. Let’s look at the indexes.

Index Chart Review

Charts are as of about 11.20 – 11.30

SPY 30 min.

SPY undercut support at $298 but has since recaptured it with a decent bounce. Going forward a break back below $298 is bearish and likely targets the bottom of the gap at $295.44.  A recapture of $300 is bullish although I suspect price might find some resistance if it makes it back up to that level.

QQQ 30 min

Price found support at $224 and is putting in a big bounce. On the way up, look for the prior gap levels at 226.86 and 227.50 to act as resistance. A downside target for this move is to fill the gap to $223.27. Below that $222.50 is a major level where lots of prior battles have been fought. I’d expect bulls to step in big time if we get that far.

IWM 30 min

They faded the premarket pop 100%. Now price is below $140. THat is your toggle price. Above is ok to be long, but while below the gap remains open and is yet to be filled. Expect IWM to be resilient with lots of financials and other cyclicals in the index.


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