11/17/2018 Markets drop a bit this week. Looks like more volatility ahead. Still looking like a reversal and the start of a bear market. Bullish on weekly basis.

I have a very busy weekend since my family just got to Boston.  

I will outline some things to think about for the coming week(s).

The stock market is at a level where we could violently break down and drop 5%+ in a week.  However, we are also nearing a strong support level where we could bounce 5%+ in a week.  I know that doesn’t help you much, but remember that I still favor a move down.  Perhaps it’s more likely we move up in the next week or two, but if we look at the longer term (more than just 2 weeks), it seems quite possible that this is a trend reversal, and we will likely go much lower.  

QQQ Weekly 11_17_2018.PNG

In the weekly chart of QQQ above, I’ve highlighted some tradable levels.  You can buy in the 160-165 support zone, and sell or go short in the 175-180 resistance zone. Have a great Thanksgiving!  I’ll see you all sometime next week.  

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