SPY has just hit T4 for a gain of approximately 5% since the sell signal/60-minute wedge breakdown a couple of weeks ago. With QQQ coming up on T2, it appears the odds for a reaction/tradable bounce at this time is good. As such, active traders might opt to cover short positions in SPY, /ES, QQQ, /NQ, VXX, etc.. & reverse to long for a bounce. Sept 3rd & 7th 60-minute charts showing the 1st couple of sell signals, followed by the updated 60-minute chart below.
SPY 60m Sept 3rd
SPY 60m Sept 7th
SPY 60m 2 Sept 20th
Potential bounce targets on SPY are the former T3 level (~435.90) and/or a possible backfill of today’s gap (around 441). However, I still favor more downside in the coming weeks based on the longer-term analysis highlighted in today’s video.