Both the S&P 500 as well as the Nasdaq 100 are trading at key support with bullish falling wedge pattern & positive divergences on the 60-minute time frames. Bears need to see a solid break below support & the divergences wiped out, bulls need a breakout above the wedge that sticks. My guess is we’ll likely get at least at breakout & initial pop out of these wedges today, possibly more. Should any breakout fail with a solid drop below the recent lows, that would be bearish but keep in mind that we also have many of the market-leading stocks at support as well, as per yesterday’s video.
SPY 60m Jan 20th
QQQ 60m Jan 20th
NQ 60m Jan 20th
ES 60m Jan 20th