Dave Barnhart reviews yesterday's market sell-off and breaks down technical setups for QQQ and Apple, including specific price levels, targets, and intraday trade plans for active traders.
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Hey traders, it is 5:43 AM Thursday, December 19th, and wow, what a sell-off yesterday with the QQQ going down almost 20 points and the SPY going down about 18 points. So we've got more news this morning, economic calendar down here. We've got 8:30 AM Eastern, we have GDP spending, GDP final, initial jobless claims, and then home sales. And then so let's have a look at a couple trades that I've got set up for you today. The first one is the QQQ, and so let's look at that. We'll look at the daily chart so far on the QQQ. Here's some of the selling from the other day, and so we've we've pulled back. I would imagine here we could come up to this four EMA, and then it might turn down again. We've got some covering. I would guess that with with this big move down, and I think we'll. push back up and then maybe turn over again. That's on the larger time frame, on the daily. We can, um, we'll see how that turns out. Now let's look at the 5-minute. So pre-market here at 4 AM, we've got that little bit of a bounce which we're seeing here. So for the QQQ, we're bullish above 523. We've got to get up above the target of 525, 527.50, 528, up to 530. Now there's a large 2.8 million print here, which also corresponds essentially with this, uh, R1 on a pivot, and then we can get up to 535.95. We're bearish below 518.47 with a target of 517.50, 516, 515, 514.47, 512.50, 510.50, and all the way down to 508.70, which is this large print down here. The next one that I have for you is Apple. Here's the daily. So we see all of this. It looks like it was selling the previous day. 500K, 500K, million, 500, 750. So we are technically breaking below this 8 EMA. Let's see if we hold that on a daily time frame. We can come down here, 245, and then down to 241.50. But let's play both sides of this, this trade. So here on the, on the 5-minute, we're bullish above 249.25. We've got to get, um, we've got to get up here a little bit pre-market, and our target is 249.85, 250. And then we're bearish below 247. We're bearish below 247.45 right here, so we can come all the way down 246.85. We can come down here, down to these— this pre-market low here as well, and then 246.25, 246, 245, and 244.45 down here. And we'll just trade this level to level. If it's going to be another bearish market, then we'll expect this to hit, come down, come down, come down, and bounce each time, right? So we can come down to the support and resistance here. So hopefully you're able to make some money. And yesterday was a wild day, and I hear that it was $1.5 trillion wiped out of the market with the news. So anyway, happy trading today.
