Despite the SPY’s valiant attempt to back-fill today’s gap, even if it goes green it still has very significant resistance just overhead: the recently broken uptrend line, where any back-test will provide a very objective short entry or add-on to any existing short position on the SPY or /ES. 60-minute SPY chart below.
SPY 60-min March 27th
As with all other major US stock indices, my 60-minute trend indicators on QQQ remain solidly in bearish territory with both the PPO & 13/33-ema histogram recently rejected off back-tests of the zero line from below. Dashed orange lines show my primary scenario at this time, including potential bullish divergences if/when QQQ hits the S1 zone.
QQQ 60-min March 27th