See for Yourself: This S&P 500 Chart Tells the Two-Part Truth
BMO Commentary
Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.
0720.ET
Far East Markets are Down Big .. Europe is slightly Mixed and US Markets/Futures are Up slightly.
QQQQ/SPY are currently Trading at 41.12 / 104.30
QQQQ Resistance is at 41.00, then 41.30, then 41.50, then 41.70-41.90, then 42.20-42.30, then 42.50, then 42.70
QQQQ Support is at 40.7x – 40.6x, then40.4x- 40.3x, then 40.20, then 39.50, then 39.0x
There is some Economic Events out this morning starting at 1000.ET . . not Big Market Movers, but be aware of them so you are not fooled by unexpected price action.
I expect QQQQ to start out rising today after the Open . . . without news until 1000.ET, she’ll probably drift higher for a little while and then have some reaction to he news. The very key price level today is that first area of Support around 40.70 . . . breaking and Holding below that would continue the current Bearish Trend.
For those of you interested in following good Elliott Wave articles, here again is an excellent feed to monitor.
Also can be seen directly at ElliottsWave.
AMC Commentary
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