Trading Recap

by Geoff Garbacz | 03/16/2021 8:00 PM
Trading Recap

In the Trading Recap, we look at how the four major Equity Index ETFs traded - SPY, QQQ, IWM and DIA. The winner today was QQQ which rose by 0.55%. However, at the peak of the day QQQ was up 1.62%. The index peaked just before 11:00 a.m. EDT and then fell until about 12:30 p.m. EDT and then rose to 1:30 p.m. EDT before dropping until 2:45 p.m. before rising until 3:30 p.m. and then fell until the close where it closed right at the intraday resistance level of $320.54. Funny how that happened. Can you say, "Machines in charge again."

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Today reminded me that it is stupid to try and play a puke at a 2:30 p.m. EDT low until we start breaking that low. For the day, I made a little over 3% but at the peak my gain was 6%.

SPY saw similar action but unlike QQQ it closed lower by -0.13%. Like QQQ it was a very technical day as it fell EXACTLY to pivot $395.04 on the Erlanger Valuelines. IWM saw a different pattern as it fell from the open until 2:45 p.m. EDT when it too had a similar bounce but it lost -1.67%for the day. Last, the DIA lost -0.37% but unlike the other patterns it traded sidweway between $328 and $330. 

It is notable that both SPY and IWM kicked in sell signals on a daily basis with my proprietary RSI Indicator. It has been solid money which leads me to believe that SPY and IWM could now struggle for a week or two while QQQ continues its rebound. 

Tomorrow I expect upward action into the FOMC announcement and presser.That has been the trend of recent meetings. Then who knows? I will be watching to figure out any entry point either on the long or short side. 

Have a good night,


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