Like A Rock
Volatility
continues to drop like a rock, which
while great for longer-term longs off last week’s triggers, has provided very
little opportunity in terms of intraday opportunities as we start the week. All
sectors are strong across the board with the Dow, S&P, and Nasdaq all up over 3%
as we approach midday.
Both the
(
SPY |
Quote |
Chart |
News |
PowerRating)s and
(
QQQ |
Quote |
Chart |
News |
PowerRating)s are long on a 13-minute basis, and swing
longs will want to keep an eye on both the 13-minute intraday supports along
with the daily 15MA resistance approach, especially on the SPYs, which along
with the imploding
(
$VIX.X |
Quote |
Chart |
News |
PowerRating) (down 12% and 20 points from last week’s
high) and
(
$QQV.X |
Quote |
Chart |
News |
PowerRating) (down 11%) will have me looking for reversal triggers
over the next few days. Traders who excelled in last week’s
intraday volatility make consider taking the day off, as I suspect we’ll get
some better action as the week progresses.
Charts of
QQQ (white) and
SPY (blue)
Good Trading!