We saw a gradual downtrend in all 3 ETFs today with a slight burst of energy towards the end of the trading session. 

DIA:

The DIA gapped down and traded lower today in a lateral channel. 

dia_5min_080215.png

  • We had a downward gap at the open.
  • Price was trading between Support 1 and the drawn in support above throughout the whole trading session today.
  • Volume was a little higher than usual Fridays.

Pivot Points and Price Targets (Supports and Resistance) for Tuesday, 02/19/08, for DIA to look out for:

  • Pivot Point = 123.19
  • Support 1 = 122.81.  Support 2 = 122.29
  • Resistance 1 = 123.71.  Resistance 2 = 124.09

QQQQ:

The Q’s had a gap down with a few bear flags and traded mostly down today to gain some strength at the end of session.

qqqq_5min_080215.png

  • Price had a Gap Down at open
  • We see 2 Bear Flags form with a gradual downward trend
  • We see price forming a bull flag around 2:00+PM and see a gradual rise to the end of the session.

Pivot Points and Price Targets (Supports and Resistance) for Tuesday, 02/19/08, for QQQQ to look out for:

  • Pivot Point = 43.75
  • Support 1 = 43.52.  Support 2 = 43.22
  • Resistance 1 = 44.05.  Resistance 2 = 44.28

SPY:

Similar to the other 2 ETFs, there was a Gap Down in SPY and a Bear Flag that started a Downward trend.  We saw price pick up some speed and ended up higher at close of day just below yesterday’s close.

spy_5min_080215.png

  • Price gapped down at the start of the day.
  • We see price forming a Bear Flag quickly to start a downward movement.
  • We see the end of a Bull Flat right around 1:00PM.
  • Price gradually moved upwards to close right below the previous day’s close.

Pivot Points and Price Targets (Supports and Resistance) for Tuesday, 02/19/08, for SPY to look out for:

  • Pivot Point = 136.17
  • Support 1 = 132.33.  Support 2 = 129.53
  • Resistance 1 = 138.97.  Resistance 2 = 142.81.

We see similar patterns occurring across the ETFs where there were both Bear & Bull Flags forming throughout the day.  The ETFs somewhat formed a “Saucer” with price and it will be interesting what the next day of trading will have for us.  It will be a long weekend so who knows what that will do on Tuesday!

Be Safe and have a great 3 day weekend!