Friday, November 13, 2015

COMPQ 1-Minute Chart Tracking 200-Day MA

The Nasdaq Composite is at a critical juncture and will be key for which way the broad stock market moves from here. The COMPQ 200-day MA is at 4955.81, cal lit 4956. By the price action over the last 90 minutes do you think this level is important? Bulls and bears are battling. Bulls win big if they keep the Nazzy above 4956 and heading higher. The stock market will recover. Bears win big if they push the Nasdaq under 4956, keep it under, and heading lower. The stock market will take a strong leg lower from here. The drama continues...... one side or the other will win. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note Added 11:42 AM EST: COMPQ 4954.92....... 4954.16 ..... 

Note Added 11:47 AM EST: COMPQ is 4955.81. The 200-day MA support/resistance is 4955.81. The bulls and bears are fighting on a tightrope; someone will fall off; one will lose and the other will win......... 4956.68..... 4955.56...... it is a knock-down, drag-out battle........ who will win?

Note Added 11:55 AM EST: The SPX is at 2032.90. The 20-week MA is 2032.50. The 100-day MA is 2034.41. Thus, the S&P 500 is fighting at a critical moving average support level just like the Nazzy. The SPX will bounce or die from this 2032-2034 level and the direction will agree with which way the Nasdaq breaks. The stock market is sitting on a pivot point and will either pivot higher and recover or take the next leg lower.

Note Added 11:59 PM EST: Nasdaq 4967 breaking higher. SPX 2036. The bulls are pushing higher trying to create a bounce off the critical support levels described above. The jury remains out, however.

Note Added on Saturday, 11/14/15: The markets set a bull trap sending the COMPQ and SPX up off the moving average support levels. Traders rush into the long side believing the fix was in only to have their heads handed to them as stocks reverse again and rupture the levels listed above. Stocks flush lower once the COMPQ 4956 and SPX 2032 levels failed. The bears are growling. Financials, semiconductors and volatility will be important on Monday.

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