The SPY/$SPX has been stronger than the $NDX on this most recent move up with the short-term downtrend that was in place since the March 7th high called into question. I still favor additional downside from here (primary) with the possibility of a marginal new high before prices turn back down (alternative scenario).

SPY 120 Minute April 3rd

SPY 120 Minute April 3rd

 

As of now, the short-term downtrend of the QQQ/$NDX remains solidly intact while a break above the March 19th reaction high would end of the series of lower highs and lower lows (downtrend) that have been in place for the last 4 weeks. Additional near-term downside targets have been added to this updated 120-minute chart.

QQQ 120 minute April 3rd

QQQ 120 minute April 3rd