Market scarcely moved today
The SPX has the same medium term setup off the 2798 lows, an abc up to the 1.382 retrace (Alt9link) that while below 2888.6 has probabilities for subdividing lower. At the same time since the price held the .618 retrace at 2834 (Alt9link2) and for as long as SPX holds above this line has the same probabilities for 2925 in a c wave up. This c wave up to 2925 might develop into a 3rd as usually happen in markets like this. For this we continue monitoring any signal that invalidates downside potential.
TNA, off the last lows (alt9link) has same structure for a C wave up with a more decent micro pattern that if manages to complete five up off recent lows, would increase probabilities for higher. Similar approximation could be done with TQQQ a move back above 60.18 should make 63 area probable with next resistance at the 1.382 retrace at 66 (Alt9link).
Major stocks are aligned with TQQQ/QQQ, same pattern applies.
SMH index has held the .50 retrace for a wave 4 down and will retain this potential for as long as is closing above 101.60 (Alt9link). NVDA is holding the .618 retrace at 150.82 (Alt9link).
I post this paragraph again as a reminder, It is unlikely we can beat this market through stocks, since might be topping in a major wave count toward 2987 or 3010 and stocks tend to be sold in advance. We do not know which stocks will recover on the go to these long term awaited targets.
We continue monitoring our stocks still long and indexes. As considered on previous update some important counts aim to 2760 with some confluence at 2720, we observing parameters for that price target range too.
Good Luck..
Seeking Options Team – RQLAB Please email us if you want to be part of this group at [email protected]
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