2/3/2019 Stocks continue climbing on the back of strong earnings. I’m still expecting a drop and retest of December lows.

Hi everyone, I hope you are having a great weekend and can maybe enjoy some football (if you watch that is.)

In terms of stocks, there isn’t much to update since I still think we will drop and retest the lows we made in December. For QQQ, that would be around 145, SPY near 235, and DIA near 220. Of course this process will likely take a while (probably a few months). 

SPY weekly 2_3_2019.JPG

Above is the weekly chart of SPY. I suspect we will retest the price range highlighted in the rectangle above. That price range is about 235-240. Of course, we could easily head towards 280 now, but I suspect we won’t get much higher than that in 2019. 

 

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