Markets recovering and sitting on good support
Since we are at the Mercy of the market and are delayed a bit behind the SPY. I expect a nice strong open tomorrow morning. Spy went on a heater the last 5 mins and had a big 60 cent buy. We closed right on a support as well. As I see it we should see a gap up and start to make our ascent upwards. If this happens our worst case scenario should see at least a 25% recovery tomorrow from the previous drop. That would put us around 27.90. However I believe the next potential stop is the 100 hour MA at 28.50 followed by the 100 day at 29.25.
Worst case scenario is we drop at open. Look for 27.00 to be our stop. As is it looks like we have a bottom however here or in the very near future. So if you are in now set a stop loss at around 26.95. I cant see that dropping because if it does we will be approaching the 23.00 range.
Worst case scenario is we drop at open. Look for 27.00 to be our stop. As is it looks like we have a bottom however here or in the very near future. So if you are in now set a stop loss at around 26.95. I cant see that dropping because if it does we will be approaching the 23.00 range.
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