SPY is currently backtesting the key 289 level after today’s breakout: Bullish if it holds by end of day, bearish if not. 60-min chart:
Likewise, QQQ just backtested the key 182.93 level that was taken out earlier today: Bullish if that level holds, bearish if not. 60-minute chart:
Taking a look at the 60-minute charts of the S&P 500 & Nasdaq 100 E-mini futures, so far today we have a failed breakout above the 2900 R level so far with /ES now testing the uptrend line/bottom of steep price channel with negative divergences in place. On watch for a break below the channel which would be bearish.
Levels to watch that “should” hold on a pullback in /NQ are 7480ish & then the uptrend line. If not, no bueno for the market, especially a break below 7372. However, as of now, the breakouts are still intact with the major stock indices trading on or above most key former resistance, now support levels. As such, there are not any sell signals or solid evidence yet that today’s breakouts are or will prove to be fail breakouts so these are just levels & potential developments to watch for today or later this week.