WHERE IS SQUARE HEADING ?
Determine the next target for 
SQ is not an easy task.
But the least I can say about is SQ heavily depends on
SPY direction. And with cases of Omicron spotted in muliples states, FED tapering, 30-Yr Treasury yields leaping,
things can get ugly forSPY if it crosses down 450 line.
As the context is set, Let us look at the daily chart:
-SQ has already crossed a major support (190) before bouncing to 192
- RSI actually bottomed to 26 which is almost the lowest level after March 20 Krach (8)
- as per the 2 last dips,SQ bounced by $15 in average, imo SQ should go back to 200 which is also a big support/ resistance before plunging again if SPY goes down
- Also, tomorrow is Friday (12/3/2021) and today,SPY knew a big increase from 452 to 456, a pump which is likely to be ensued by a "friday selloff" conveyed with increasing cases of Omicron
In conclusion, 200-185 is a neutral zone. If we break 185, thenSQ will head to 170s, If things are going better, then SQ will certainly heads to upper 200s levels
SQ is not an easy task.But the least I can say about is SQ heavily depends on
SPY direction. And with cases of Omicron spotted in muliples states, FED tapering, 30-Yr Treasury yields leaping,things can get ugly for
SPY if it crosses down 450 line.As the context is set, Let us look at the daily chart:
-
SQ has already crossed a major support (190) before bouncing to 192- RSI actually bottomed to 26 which is almost the lowest level after March 20 Krach (8)
- as per the 2 last dips,
SQ bounced by $15 in average, imo SQ should go back to 200 which is also a big support/ resistance before plunging again if SPY goes down- Also, tomorrow is Friday (12/3/2021) and today,
SPY knew a big increase from 452 to 456, a pump which is likely to be ensued by a "friday selloff" conveyed with increasing cases of OmicronIn conclusion, 200-185 is a neutral zone. If we break 185, then
SQ will head to 170s, If things are going better, then SQ will certainly heads to upper 200s levels
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