QQQ – Can the Major Support Line Be Broken?
The QQQ is trading just around the major support level at 317. This is considered to be the “ultimate” boundary level to watch. The fear around the NASDAQ Composite is significant and the VXN ended just about the most recent highs. History has shown that extreme market reversals have occurred when the VXN is at these significant levels. What is the VXN? The CBOE Nasdaq Volatility Index also known as the (VXN) is a real-time market index representing the market’s expectations for volatility in the Nasdaq 100 index over a period of 30 days. The VXN was created as a counterpart to the VIX, which measures S&P 500 volatility since the tech-heavy Nasdaq often diverges from the broader market.
SPY – This isn’t feeling right
The SPY is trading around 417 as of writing. The 417 price level has been considered the lower part of the range. This level has been holding steadily since last year. The market has been testing this level many times with break out attempts happening on either side with strong reversals taking place when this support level has been breached. The question is whether this time will be different, or whether a major reversal is about to take place?
This content is provided for general information purposes only and is not to be taken as investment advice nor as a recommendation for any security, investment strategy or investment account.
Please check with your financial advisor to ensure that you are aware of the risks associated with your investment strategy and commission costs before placing your trades. You should consider your personal financial circumstances before engaging in any trading activity.
Volatility in the market, trade volumes, and system availability may delay your account access and trade executions. Be aware that the past performance of a particular security or strategy does not guarantee future results or success.
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