QQQ is approaching the top of the 1st swing target zone on the daily chart in the pre-market session with favorable odds for a reaction anywhere from the top to the bottom of the zone. Swing traders might opt tighten up (lower) stops at this point although this is only the first target on the daily chart with the odds still very high that QQQ will hit one or more of the additional longer-term swing targets laid out in recent weeks whether we get a reaction off the T1 zone or not. We also have the FOMC announcement coming at 2 pm this Wednesday.
QQQ daily Jan 24th
SPY is trading below the 435.63 target & 200-day MA’s in pre-market. With QQQ approaching the top of the daily swing target zone & a reaction there, down to the bottom of the zone, that makes it odds of a reversal today with SPY closing on or around the 200-day MA’s decent.
SPY daily Jan 24th