Sorry for the late start. I had planned on getting this update out earlier but apparently NVIDIA must have found out I was short their company stock (NVDA) as woke up to only a single monitor working today (which is essentially flying blind when I don’t have the use of multiple monitors). ;-) Took a while to troubleshoot, download & re-install the drivers for the graphics cards but I’m back to business now. Here’s a quick look at how the markets closed last week & what I’ll be watching for this week. These are all 60-minute charts as of Friday’s close.

QQQ has already broken down below the yellow minor uptrend line last week, triggering the first of 3 sell signals. Now awaiting a MACD signal line cross below the zero level & a bearish cross of the 13/33-ema pair (histogram).

QQQ 60-min Feb 24th close

QQQ 60-min Feb 24th close

I’m currently awaiting the following three sell signals for early confirmation of a trend change in SPY:
1) A drop below the 235.10 support level
2) A MACD signal line cross below the zero level
3) 13ema cross below the 33ema (zero line cross on the histogram below)

SPY 60-min Feb 24 close

SPY 60-min Feb 24th close

IWM broke below the bottom of the support/resistance zone last week & closed at the top of the zone, which is resistance unless taken out. 60-minute trend indicators flipped to & closed bearish last week, putting the IWM on a sell signal although awaiting confirmation via the SPY & QQQ.

IWM 60-min Feb 24th close

IWM 60-min Feb 24th close

As of now, my call that the correction would begin on Thursday could still very well play out as both the SPY & QQQ have moved lower since peaking with Thursday’s highs (with the less significant IWM so far peaking on Tuesday of last week). Now awaiting the sell signal highlighted above to help firm up that call & increase the odds that a correction in the U.S. stock market is now most likely underway.