The SPY and DIA both reached the ML1 level in the first 15 minutes of trading. The QQQ was a little slower to react, reaching the ML1 around 10:45 AM. Fast Moves often come from ‘False Moves’. Was yesterday’s ‘Fast Move’ down a ‘False Move’? Only time will tell, the strongest markets do not tend to pull back all that much.
The ML1 in the SPY is 378.81. The Downside Limit is 375.13.
The ML1 in the DIA is 306.51. The Downside Limit is 304.21
The ML1 in the QQQ is 323.33.
The question to seek an answer to might be: Does yesterday’s ‘Fast Move’ down, justify today’s fast move in the opposite direction?