Both QQQ & SPY are backtesting the 60-minute falling wedge patterns on this post-FOMC dip, offering an objective but aggressive long entry. I’m still holding off on adding either of these as official long trades as the market can, and soon will, go either way from here but I wanted to point this out backtest & objective entry (with the appropriate stops below) for those interested. Near-term price targets listed on the charts below (as the actual resistance levels, best to set any sell limit orders slightly below the resistance level or levels that one is targeting).
QQQ & SPY Backtesting Wedges
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