Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

ETF Technical Market Analysis 1-22-2010

|Includes:IWM, QQQ, ProShares UltraShort Bloomberg Crude Oil ETF (SCO), SPY, UUP


Markets fell hard on Friday and the bleeding is probably not over.  Our position in SCO spiked 4.8% today with the fall of oil - stop stays where it is. Russell 2000 ETF IWM touched critical support at 61.21 but rebounded and held.  S&P ETF SPY stopped at the 50% retracement mark near 109.15 and Currency ETF UUP could not exceed 23.21 and break out.  The Proshares ETF QQQQ broke recent support as well.  All markets have broken through important support but each has more potential downside.  Next video blog is Wednesday the 27th.  See the charts below:

SCO spikes 4.8%

IWM touches critical support

SPY makes 50% retracement

UUP stuck under $23.21

QQQQ breaks support

Sea Lion Capital Management LLC



Disclosure: Long SCO
Stocks: SCO, IWM, SPY, UUP, QQQ