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Strategies & Market Trends : SPY & QQQ intraday chart observations by rimshot

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To: rimshot who wrote (1297)9/24/2023 12:03:56 PM
From: rimshot1 Recommendation

Recommended By
Lee Lichterman III

  Read Replies (2) of 1309
SPY 434.84 = 100-day SMA current value, at Sept 22 close

SPY daily closes chart -

* the S&P 500 McClellan Oscillator approaches the Maximum Oversold
value region, the McO is now at negative 77 level

* price action near the daily 63,2.0 lower Bollinger Band value is customarily
a buy trigger during bull market conditions ... now at 431.22

* a somewhat bullish condition continues for the 10-day EMA smoothing
of the SPX New Highs minus OEX New Highs metric which
is now at 6.23,
which is below its July peak near 40 New Highs for the adjusted
S&P 500 minus the S&P 100

some items to consider for selecting a directional bias for swing trading
in the future:

1. if a future OEX rally surpasses and holds above 2040 level,
keep your SPY and QQQ longs once entered for a possible lengthy hold
because any SPY bounce level would be within reason in the coming days/weeks

2. the individual daily net Advance - Decline values for each index were tiny negative
values compared to the giant negative prints by the AD values on Thursday ...
so the lower intraday price lows printed on Friday were relatively not supported
by similar negative moves by the daily AD values

lower intraday low prints on Friday vs. Thursday's intraday low:

QQQ by only 10 cents
SPY by a decent margin
OEX by a decent margin
/ES by a decent margin
$SOX printed a higher low on Fri vs. Thurs

fyi - $NYA price action is only barely below its 200-day SMA, and Friday wasthe 1st time in several weeks ... matching with a decently deep violation of the
daily Lower BB not seen since mid-August from which price bounced strongly

$NYA daily closes line chart -

* could be a "near" double bottom setting up, using daily closes vs. the June 2023 pullback

regarding QQQ, this Weekly metric now rests within the upper reaches of its
customary buy zone -

$NDX daily cumulative AD line now rests near its customary buy point - the daily 50,2 lower
Bolllinger Band when bull market conditions persist over time -

$NYA above OR below its 3-year simple moving average (156 weeks ) provides
evidence whether we are at the confirmed start of a possible deep
price correction or not

$NYA weekly -
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