Updated: Oct 13, 2020
Both the SPY(+1.61%) and QQQ(+3.09%) had a spike in volume, leading them to trade outside their upper 20.2 Bollinger Bands. As we know, the next move of the stock market is always unpredictable. There is a 50/50 chance of the next bar closing up or down, but stocks don't typically trade outside of their Bollinger Bands for too long.
With that said, no matter what happens with the market, as a small individual investor, using stop-loss orders gives you the peace of mind to let your stocks do what they do without the fear of a huge loss.