Chart of the Week

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Markets needed to close above certain levels on SPY(343), SPX(3427) and QQQ(283). Markets sold off as expected. In gap fill area from 9/11 and it filled the gap. 80% of the time, after gap fill market reverse. we need to see some strength here for us to consider some positions.

Nice follow thru today. Levels mentioned yesterday need to stay or close above today. Often markets test prior resistance and respect those levels and prices reverses. Patience is the key. Waiting for these key levels to cross then wait for retracement to take some long positions

Markets are up this morning. Will be watching key levels in SPY 343, SPX 3427 and QQQ 283. These levels are important to consider for any new long positions. If we can’t stay or close above these levels in next couple of days, we could come right back down. Be careful everyone.