We chopped around all day yesterday and then ran some stops into the close, which was foretold by a FP on the QQQ of 531.91 in the premarket, so it had to be hit before we can start the pullback, which is still coming but most likely we will see it next Monday or Tuesday now. At this point my best guess is that it will be about 60 points down, which is roughly back to the 12/26 prior high zone.
Again, it might reach the 1/6 level but that's probably too far I think. As for today I don't really have much to add. It will probably chop around again to close the week out strong, that's unless they pull a fast one and drop it now instead of Mon/Tues, which is possible I guess, but I don't lean toward it. Of course that's just when it happens as not many will be expecting it... LOL.
Also, there's a new FP after the close Thursday on the SPY this time, and it's a downside one. It's 606.51, which could happen today early on and then back up for a lower high into the close... which would be an A down and B up to setup Monday for the C down in the expected 60+ point pullback. My target for that move would be the prior highs from 12/26, and I would expect to see it on Monday most likely.
Have a great weekend.
