Stock Indices Break Important Support

The SPY closed today below 410 and at the lower extreme of an area of rotation. The QQQ is close to its important support level at 302. Breaking those levels and closing below them will suggest a change in the greater degree time and price development. I will discuss this more in tomorrow night’s Briefing. If there are lower prices tomorrow, watch for a breadth divergence to signal a pause or some type of rotation back up. Remember, for the last five or six trading days, the Indices have been in rotation. That could continue tomorrow. Today’s low is extremely important.

Leave a Reply

Your email address will not be published. Required fields are marked *