As I had mentioned in yesterday’s closing market wrap, I would wait to see how the market was trading after the open today unless there was any significant movement in the stock futures overnight, which there wasn’t. Both SPY & QQQ opened & have traded essentially flat all day so far so really not anything new to update as we head into the final hours of trading. On QQQ, I’m still awaiting a solid break and/or 60-minute candlestick close below the 242.55 level for the next sell signal.
QQQ 60m June 25th
SPY also continues to grind around in a tight range following yesterday’s impulsive leg down. While the size of the potential bearish pennant continuation pattern is starting to get a bit large relative to the ‘flagpole’ for the ideal symmetry of that pattern, a solid break below the recent consolidation pattern would have the same net effect (bearish) nonetheless. Also worth noting is the fact that SPY has decent resistance just above this consolidation area around 307.13 which is likely to cap any upside. 60-minute chart below with my preferred scenario in (bright) yellow, alternative scenario of a test of that 307.13ish resistance (about ¾% above) before the next leg down in a lighter shade.
SPY 60m June 25th