There's not much to say after a big move down right to a key daily support level, followed by all 4 market watch charts putting in an inside day!
With an inside day after a significant move, you can follow the market in either direction on a break of the prior day's range. In the case of the SPY and QQQ, the outside day high is so close to the inside day high that I'd wait for the 2 day high to be broken. I don't see the point of guessing which way this inside day pattern will resolve itself. Based on where it sits on the daily charts (see yesterday's post for more on that), a break in either direction could lead to a substantial move.
Let's review the primary conditions
Market Phase: Bearish in all 4 (Q's back under 50, will confirm back to bearish phase if closes under today)
Intermediate-term daily: Bearish in 3 of 4. The 10 and 20-day daily MA's are stacked and sloped down with price below both in all but the Q's which are stacked, mixed slope and price below. I'd call the Q's neutral in so much that they could go either way by this measure.
Floor Trader Pivots: All positively sloped, but not by much. I won't read much into the stack as a result. R1 and S1 will be within the two day range so that may be a great for area of support and resistance. Both before and after any inside day range break.
3-day Pivots: Confirmed bearish bias in 4 of the 4.
Daily Trend Lines and Swings: 3 of the 4 bearish but all at key support.
Long Focus
AAPL
CF
AMZN
CL
TSLA
CMG
CELG
PANL
DECK
DISH
VFC
ORLY
CBST
CF
SO
MRVL
RL
FE
WPI
CBOE
ATHN
KMB
Short Focus
TWM
SDS
QID
CRM
VMW
GOOG
CMI
ANF
HON
SWN
BEXP
ETP
