Both QQQ & SPY have now taken out yesterday’s highs. QQQ has also taken out the 166.00 resistance level as well, which opens the door for a continued move up to my near-term target of 168.49. However, SPY has once last potential obstacle coming up with the 268.41 resistance level needing to be taken out before the all-clear to my near-term target of 270.36, which remains my preferred scenario at this time. The previous & updated 60-minute charts below:

click first chart to expand, then click on right of each chart to advance

While the case for a December rally continues to firm up with today being the third consecutive day of gains in the broad market so far, I’d like to see how the rest of the trading day unfolds before deciding on whether or not to extend any price targets for the major indexes. So far, so good but I will continue to post frequent updates on the broad market both in the trading room as well as on the homepage & I will do my best to communicate my thoughts asap if I notice any significant developments in the charts.