SPY (S&P 500), QQQ (Nasdaq 100), & IWM (Russell 2000) are all testing their respective primary bear market downtrend lines with another rejection/tradable pullback likely. We also remain near the lower range of my bear market rally target zones & as such, this provides an objective level to start or continue scaling into longer-term swing & trend short positions. Daily charts below.
SPY daily Dec 1st
QQQ daily Dec 1st
IWM daily Dec 1st
Just as this rally into resistance offers an objective short entry for typical swing & trend traders, /NQ (or QQQ, SQQQ, etc..) also offers an objective short entry for at quick ~1.5% pullback trade, at a minimum, with strong negative divergences on this 10-minute chart.
NQ 10m Dec 1st