SPY, DJI, and QQQ Mid-Day Review


Opinion

It would be very easy over the weekend to gap down and hit our targets.

As CoV outbreak amplifies, supply chains weaken and consumer spending drops as people stay inside.

Lack of any upward momentum or volume at all time high's is indicative of downward reversal.

We did have double hangman doji this morning on SPY. Will update after market close for weekend review.

Last weekend we had a 2% gap down from Friday close to Monday open. This same 2% would give us the bearish EMA cross and bearish 10WeekMA cross to confirm downtrend.

For these reasons, we cannot really commit capital to bullish sentiment or add to positions without market choosing a direction or having a correction.


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