Premarket Updates for Wednesday 11/20/19

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8:59 AM EST
Overnight actions looked bearish for $SPX $NDX SPY QQQ TQQQ.  It looks like prices are starting to wake up to the fact that market internals have been weakening for multiple sessions now. 

For today, we think prices can drop more than our projections last night.  We have updated the S/R table based on overnight's actions in futures.

We think that $SPX $NDX SPY QQQ TQQQ can drop all the way down to the new Support3 before reversing upward.  This drop may start today, but may not reach Support3 until Thursday or Friday.  

Short-term trade:  If you want to enter long $SPX $NDX SPY QQQ TQQQ:

• Enter in the zone between the new Support2 and Support3. 
• Protect at just below Support3.
• Ride up until $SPX $NDX SPY QQQ TQQQ reach Resistance1.

Short-term trade:  You can short this market using SQQQ or SDS.  

• Enter SQQQ SDS in the price zone near their closing prices of Tuesday.  
• Protect with tight stops.
• Ride SQQQ SDS up until $SPX $NDX reach Support3.
• Trade small.