Here are the daily charts of SPY & QQQ with potential unofficial & unadjusted* price targets along with support levels that, if & when broken, could trigger the next wave of selling. The next sell signal on SPY will come on a solid break and/or close below the 282 support/1st target.
SPY daily Aug 14th close
The next sell signal will QQQ to come on a solid break and/or daily close below the uptrend line & then the 180 first target** level.
QQQ daily Aug 15th close
*Unadjusted price targets are the actual support (or resistance, on longs) level where a reaction is likely. Unofficial trades, such as these, will typically list the unadjusted targets while official trades will always list adjusted price targets which are usually set just above the actual support level on short trades or just below the resistance level where a reaction is likely on long trades.
**The sole price target for the QQQ official short trade remains 169.68 at this time (just above the 169.45 support/unadjusted target on this chart). I wanted to pass along these additional ‘potential’ targets in advance in case the current correction begins to accelerate to the downside soon.
As of 8:00 am EST, stock index futures have rallied to recover from decent losses in the overnight session to turn positive but now face significant resistance overhead and with 1½ hours before the opening bell plus a slew of potential market-moving economic reports scheduled for 8:30 am (Jobless Claims, Philly Fed Business Outlook Survey, Retail Sales and more) as well as Industrial Production at 9:15 am, a lot can & almost certainly will happen over the next hour of so and for now, the near-term outlook remains clearly bearish will little to no signs or a bottom indicated in the technicals at this time.