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The ETF Authority Updates Its Recommendations And
Issues A New Trade
S&P 500 SPDRs recently broke below the neckline of a continuation head and shoulders pattern. Volatility has been moving up as well, showing that concern is growing. However, it is nowhere near a peak and Wall Street is still overly bullish. I believe we've finally begun the move to new lows I have been writing about for several months now. While there is some risk that a move above the neckline, which was tested on Wednesday, could result in a rally of even three points or so, the bottom line is that a new low is in the cards. Even the GDP just released, which I thought had a chance at a surprise on the upside due to some technical factors, came in at a more anemic than expected +0.7%. We are in a recession regardless of what the official NBER calculation says.
Sell SPY at $86.00 or higher TARGET: $77.00 STOP: $91.00 ****************************
The story is similar here. The only difference is that QQQ has not yet broken below its neckline, which sits just beneath yesterday's $24.34 nadir. Minimum target is the $23.37 October 2002 low, though substantially lower levels are possible.
Sell QQQ at $25.00 or higher TARGET: $23.37 STOP: $26.30 ****************************
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