/NQ has rallied to the 12370 resistance highlighted in today’s earlier video as an objective shorting level (with negative divergences to boot). All charts below are 15-minute time frames.
QQQ is approaching downtrend line resistance with negative divergence on this 15m chart, offering an objective short entry or add-on for both a swing position and/or a fade-into-the-close trade.
Most likely end-points for today’s rally on SPY are the intersecting downtrend line & 389.90 price resistance (1st R) or the 393.35ish resistance just above: both providing objective short entries or add-ons.
Of course, there aren’t any guarantees that the market will reverse off these resistance levels & as I stated in the previous video, I have to acknowledge the resiliency of the markets since the gap down at the open today, with the tech-heavy Nasdaq steadily moving higher since the open. With that being said, the major indexes are still trading below key moving averages and price or trendline levels and as such, I continue to view any rallies into resistance as objective shorting opps. Should SPY make a solid recovery back above its 200-day moving averages & primary downtrend line, I will communicate my thoughts asap.