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."

[Image 2]

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,

Geoff

Latest News

Stay Up to Date With The Latest
News & Updates

Join Our Newsletter



GET THE NEWSLETTER

Rebel Yell Morning Market Report
Market Alerts
Offers from us
Offers from our trusted partners

Follow Us

Connect with us on social media

Facebook Twitter