My minimum bounce target (bottom of the June 3rd gap) on SPY has been hit for a 2½% gain off yesterday’s low. Now that we have all of the major stock index ETFs & futures bouncing off those key support levels they fell to & closed on yesterday, I would give about 60/40 or better odds that a solid break above 307.20 (edit) will trigger more upside to the 311.30ish gap resistance (60%+ chance) –or- this is the end of the bounce soon to be followed by the next leg down (-40% chance). 60-minute chart below.
SPY 60m June 12th
Likewise, QQQ reversed off trendline support, as expected, rallying over 2% so far in the pre-market session. With SPY currently at resistance, I’d put roughly about the same odds that QQQ continues up to the 240.50ish resistance and/or a backtest of the yellow trendline from below -or- this is the end of the bounce with a drop down to the next target of 227.80 soon to come. As such, my strategy will be to continue to trail up stops & let the stock index longs that were reversed from shorts off those key support levels yesterday for the time being, with the intention of reversing (possibly scaling) back into a net short position if/as we approach those next bounce targets.
QQQ 60m June 12th
/ES (S&P 500 futures) has reversed off the 3003 support, as per yesterday’s preferred scenario (first chart below + covered in the last video), rallying nearly 3% so far with the next resistance/potential target around 3100. There is a near-term uptrend line forming in which stops could be set somewhat below for those riding the bounce long.
ES 60m 2 June 11th
ES 60m June 12th
Likewise, /NQ reversed off the 9595 support level as per yesterday’s preferred scenario & has rallied over 2% into the 9795 resistance level. Ditto with the near-term uptrend line to watch as a support level that could trigger a drop if taken out with conviction. Previous & updated 60-minute charts below.
NQ 60m 2 June 11th
NQ 60m June 12th