Possible scenarion for the SnP & NQ
SnP could make a further down move to fill the (little) June TPO GAP and test the 200 SMA just above 4300 level (+/- 1.5% down) and bounces up to fill the (little) September 4450 GAP.
SnP has broken out below the 4400 SP zone and going down with 1.5% could be done in a few days only.
NQ could make a further drop to 14.500 zone to fill the May TPO GAP (+/- 2% down) and bounces up to fill the (little) September TPO GAP.
NQ is hovering below the 15K and making a drop of 2% more can go very fast.
I haven't seen any unfilled TPO GAP left as far as I can see and as far as I can remember.
Markets tend to make a drop and recover/rebound 50% to 60% and start a new drop and recover or rebound an other 505 to 60% again.
So if the NQ and SnP manage to go down further and fill the old TPO GAPs....they could bounce up again to the latest formed September TPO GAPs (low distribution zones), which are at 50%/60% rebound level again of last week drop.
SnP Yearly +10% so far
NQ Yearly +30% so far.
If they both drop a few more % on Yearly base, they are still in a very positive and comfortable place on a Yearly base.
DOW & RUSSEL can just keep their pants up and are around 0% this Year so far.
Just an observation and NO prediction. I leave predictions to the well payed guru's.
Time will tell.
SnP could make a further down move to fill the (little) June TPO GAP and test the 200 SMA just above 4300 level (+/- 1.5% down) and bounces up to fill the (little) September 4450 GAP.
SnP has broken out below the 4400 SP zone and going down with 1.5% could be done in a few days only.
NQ could make a further drop to 14.500 zone to fill the May TPO GAP (+/- 2% down) and bounces up to fill the (little) September TPO GAP.
NQ is hovering below the 15K and making a drop of 2% more can go very fast.
I haven't seen any unfilled TPO GAP left as far as I can see and as far as I can remember.
Markets tend to make a drop and recover/rebound 50% to 60% and start a new drop and recover or rebound an other 505 to 60% again.
So if the NQ and SnP manage to go down further and fill the old TPO GAPs....they could bounce up again to the latest formed September TPO GAPs (low distribution zones), which are at 50%/60% rebound level again of last week drop.
SnP Yearly +10% so far
NQ Yearly +30% so far.
If they both drop a few more % on Yearly base, they are still in a very positive and comfortable place on a Yearly base.
DOW & RUSSEL can just keep their pants up and are around 0% this Year so far.
Just an observation and NO prediction. I leave predictions to the well payed guru's.
Time will tell.
"It's better to be out wishing to be in... than to be in wishing to be out!