Dave Barnhart reviews his intraday trades on SPY and QQQ, checking whether he hit his targets. He walks through pivot levels, entries like 659.99 and 665.55, and his scaling-out strategy using the 200 and 8 EMAs.
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Good afternoon, traders. It's Friday, November 21st at 2:49 PM. Let's review our trade setups for today, and they were fantastic. Just FYI, if you didn't watch the video this morning, SPY bullish above 653.50, bearish below 648. The 648 never occurred, but the 653.50— there are a couple opportunities. One was pre-market, and not many people trade pre-market, but the 653.50, we pulled back here at the open and then we broke, we broke up through here. Look at this increasing volume, higher highs. So you had this low, higher low, breaking above 653.50, and we had targets up to 659.99, which was the pivot, and we pulled back here. This was a great other entry here is pulling back to the 200 exponential moving average. And this gray box is a demand zone that I've drawn on the 4-hour chart. But this— we came back, tagged this one, shot all the way up to $644. So that $644 was also another target, and we also had $665.55 when we get up here. Well, I've got this black line at $665. That is a horizontal support and resistance, and $665.55 is this R4. I'm not sure if that'll get there for the rest of the day, but this hit many of our targets. So you've got, what, $11 there anyway on that one? So that turned out pretty good. So you can see here on the daily, we wicked down to make a lower low from this candle here, and then we moved up and we tagged the 8 exponential moving average on the daily chart and pulled back. So I keep saying all the time, How strong these moving averages are, and if you're watching my videos when we map things out in the morning, these these are key, right? So we've got that there. So hopefully you made some money on the spy. Let's go ahead and look at our friends at the Qs here. So Qs did a similar sort of thing. We were bullish above 584, bearish below 580. The 580 never occurred, but the 584 occurred pre-market. There are a couple attempts here. This one came up a little bit, but then we bottomed out here at 582, and then 584 got us up to a target here at about 588. At the open, we came down here and we had another entry at 584, and this was the similar setup as the SPY, right? You've got this upthrust, higher low, higher high in 584, um, and this one went up to 594.82, which which was our target here for the pivot. So this— we— the other ones that we call out are scaling out opportunities, right, to take something off the table at these major levels if you're not using them. And this one actually pulled back to the open and took off. We went a little bit higher than our pivot, up to the $5.96 area, so that's not too bad. But anyway, excellent day trading, so hopefully you guys caught some of that as well. All right, there you have it. Those are the results of your 2 trades for today. So Hopefully, yeah, say it again. Hopefully you made some money on that. Please like, share, subscribe, leave some comments in the comment section below, and we'll see you Monday with all new trade setups. Happy trading, everybody.
