SPY closed the day on a backtest of the Ascending Broadening Wedge pattern while the MACD signal line crosses slightly into bearish territory. Any additional downside in the markets this week should place that trend indicator solidly bearish & help to confirm that fairly reliable intermediate-term trend indicator.

SPY daily June 29th

SPY daily June 29th

Once again, the managed to park the Q's right on key resistance at the close, this time on the 106.30 price support + 50% Fibonacci retracement where a reversal is likely to kick off starting with a gap down tomorrow.

QQQ 60-minute 4 June 29th

QQQ 60-minute 4 June 29th

Should the markets exceed today's high by much tomorrow, which would start to call into question what appears to be just a typical, oversold counter-trend bounce off support so far, I will follow up with some additional levels to watch, including suggested stops for those short as well as downside supports which might act as objective stops for those long.