SPY (S&P 500 tracking ETF) remains below the primary uptrend line since the impulsive breakdown on Wednesday as QQQ remains above/on its comparable trendline (i.e.- no sell signal yet although very close). Daily chart below.
SPY daily Jan 29th
QQQ (Nasdaq 100 ETF) remains above (on) the primary uptrend line off the March lows with the uptrend still intact & a sell signal to come on a solid break and/or close below the trendline or today’s low.
QQQ daily Jan 29th
One potential catalyst for a breakdown in QQQ is the fact that AAPL (Apple Inc) has dropped back below the 138/139 breakout level, opening the door for a potential bull trap/false breakout, especially if it breaks below this uptrend line & the 125.75 support.
AAPL daily Jan 29th
Another market-leading stock & top component of SPY & QQQ to watch is TSLA (Tesla Inc) as a solid break below 802 would likely be the catalyst for a drop down to my minimum price targets in TSLA (uptrend line & then the 465ish level).
TSLA daily Jan 29th