Holding $447 is key for SPY.
QQQs have $370 as initial support.
Up, up and away in my beautiful balloon ! That old time song is a lot of what we saw in many stocks today ! The selling of last week seems to be a long way away already. Today’s trade is on a Cannabis stock CRON. I like how it is finally reacting after this flush out and think its finally deciding to look north in pricing! If the stock is around $6.50 i will be buying 100 shares and I will be Selling the 6.5 put and buying the 4.5 put for protection and I am going to sell the $7.00 call ( all strikes expiring Sept 17) . I should be able to bring in around .55 cent credit. Risk is the width of the spread less the premium , as well as the stock in theory can go to zero .
As per the pattern developed today $NDAQ (Nasdaq Inc. LTP $190.60) provides a possible break out opportunity in the upside. Fundamentally, Nasdaq is the best destination for all the new age Technology based stocks including those in the Crypto space and the recent listings are reflection of the same. Technically, all the indicators RSI, Stochastic and MACD display a short term upward momentum besides being nicely placed on top of the 20EMA. Since there’s no resistance at this level, the stock could beat the all time high and beyond, in the next few trading days.
On the downside, if it fails to break the previous high, for a short term it may see a pullback to the next support level at $182.20.