Good morning traders. Markets sold off yesterday in the afterhours session on the backs of disappointments from IBM and AAPL.  In the near term I am going to be watching the trend lines for both the QQQQ and the SPY as my line in the sand. Breaking and holding under 50.70 in the Q’s should lead to 49.50. Breaking 116.72 SPY should lead to 115.5. If you focus on day trading these setups can offer great opportunities as the moves tend to be fast and hard. If you are a swing trader, this is a good point to raise some cash and take some profits.

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SPY Levels

118.67

117.26

115.35