Both QQQ & SPY are now approaching the first of the resistance levels post earlier which are likely to cap any snap-back rallies (yellow lines). I’ve also added an additional resistance level at 188.67 to the QQQ 60-minute chart below so essentially these yellow lines mark a resistance zone which could be used to scale back into any short positions covered earlier today. A more detailed update on the equity markets will follow after the close once the weekly candles for the major stock indices have been finalized.

An impulsive reversal off the 2830 support level so far today on /ES (S&P 500 futures) with the rally likely to end anywhere between current levels & the downtrend line off the recent highs.

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