Uninspiring Day for the Indices $SPY $QQQ #trading #stocks #markets

The indices opened higher, but faded late and the SPY ETF was turned back right at its 50 day EMA. The Nasdaq 100 printed a similar looking indecisive candle, but held above its 50 day EMA where it found support in Mondays session, as a well as previous price support near $170. Volume fell from Mondays levels as the indices posted inside days. Tuesdays bounce lacked some conviction, and with all major indices finishing well off their best levels, it was apparent there were plenty off traders willing to take more money off the table during todays advance. With distribution heavy as of late, we will be watching throughout the week to see if buyers get more aggressive near key support levels.

SPY

QQQ

Join us at our premium site http://www.ttptrading.com See you there!

-CJ

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s