Watch What Develops Around This Resistance Zone
Looks
like coming into tomorrow’s session the 60-minute charts
could be driving the immediate actions of investors. Let’s take a look at what
I’m seeing in the Nasdaq 100 and the S&P.
First, the S&P 500 SPDRs
(
SPY |
Quote |
Chart |
News |
PowerRating) on
the 60-minute time frame is on the verge of completing a Bearish Butterfly
Pattern. The Fibonacci price resistance zone is from 102-103.64. Watch what
develops around this resistance zone and I continue to stress to subscribers to
lock in profits and trail stops on those long trades/gifts.
So, if considering shorts against this resistance zone I’d place a stop just
above 103.64.
Next, we have the 60 minute
chart of
(
QQQ |
Quote |
Chart |
News |
PowerRating). This one is a bit more complex. We have an immediate
resistance zone from 30.87 to 31.30. If that zone is cleared to the upside we
have a small Air Pocket up to 32 where this ETF would complete a Bearish
Butterfly pattern as well.
Remember, these set ups are on
intraday charts and are not intended to call a market top, but to trade a short
term sell off in this current up trend. These Fibonacci price levels provide
decision zones. Combine those decision zones with patterns and trading
opportunities develop with defined entry and exit parameters.
Have a great night!
Â
**My next
column will not be until June 27. It is the annual backpacking trip. Headed to
the Upper Peninsula this year.