The QQQ reached the MS1 Level at 305.55 in the first 30 minutes of trading. ‘Fast Move’s often come from ‘False Moves’, as they say. Weak stocks do not tend to pull back all that much. The QQQ rallied after spending just a few minutes below the MS1 Level. It reached the Upside Limit at 307.37 and went on to become an Intra-Day Reversal by reaching the ML1 at 307.97 around 1:30 PM. The QQQ closed just above the ML1 Level.
The DIA reached the ML1 at 301.07 just after 10 AM. The Downside Limit was 299.48. The DIA pulled back slightly, but not to the Open of the day. The DIA reached the ML2 at 302.13 around noon and closed above that level.
The SPY did not reach any levels during Tuesday’s trading session. There was a pattern present, into which I am looking into its historical significance. This pattern has presented itself a few times over the past 6 months and it has been successful at determining the daily direction. I will investigate this further and will present my findings regarding this pattern in the future.