NFTRH; SPY, QQQ & IWM

This is probably of more concern to traders, so it could be considered an NFTRH+ update as well for people who want to plot levels to take a shot shorting.  But for everyone’s reference I want to put up another view of the upside retrace potentials using Fibonacci retracement levels, now that the bounce is confirmed to be in progress and we can gauge an actual low to measure from.

Note that each ETF (SPY, QQQ and IWM) has in essence already reached the 38% retrace of the drop from the highs.  The small caps (IWM, bottom panel) actually started to weaken at the 38% level and middle of Bollinger Band (MA 20).  That dark candle means that it has reversed most of the early gains.  Therefore, IWM/RUT, which led the bounce can be watched for signals going forward.

Just a little more perspective for your decision making.  Roughly speaking, as long as the rebound stays below the 62% retrace levels, the bears have control of the markets from an intermediate trend perspective.  I will be out for most of the rest of the day, but wanted to leave you with this snapshot.  See you Sunday with #313!

spy.qqq.iwm