Quick market update
Selling continued all day and the $QQQ and $IWM closed below significant support levels. Then $MSFT and $GOOGL reported earnings after the close and both stocks sold off sharply. Breaking down further from beneath support is a bad situation for the bulls.
I continue to remain extremely cautious while watching for some support to hold or some bottoming price action to come in. Neither has happened yet.
Maybe $SPY buying comes in at $410ish in the next day or so. We’ll see.
In the meantime; pick your spots, know your risks, and manage them closely.
Good luck.
$SPY next potential support is $410.64. Below that is the covid low AVWAP at $383ish
$QQQ closed below recent levels and the covid low AVWAP
$IWM also closed below recent levels and the covid low AVWAP
$MSFT closed poorly and after-hours action on the earnings report was no help
$GOOGL too
