Potential bounce targets for QQQ are 182 – 188.37 (max.) with the most likely targets 183.50 & 186 (bottom of top of the gap). 60-minute chart reflective of yesterday’s close below.
QQQ 60-min Aug 6th
Likewise, potential bounce targets for SPY are (just shy of) 288.22, 290.14-290.83, and 294 (max. bounce target) with the most likely target range of 288.22 & 290.14. Should the market fall shy of the lower-most of these targets before taking out yesterday’s lows, that would be quite bearish as it would indicate that there is still an overwhelming imbalance of sellers to buyers. Should the indexes move much beyond the upper-most bounce targets, we’ll have to assess the charts at the time to determine how much more upside from there would be likely at that time.
SPY 60-min Aug 6th
As of now, the near-term trend & intermediate-term outlook remains bearish although with the major indexes, as well as many market-leading stocks, closed on yesterday, coupled with the extreme oversold conditions on the near-term charts, indicates that the odds for an oversold snap-back rally today & possibly into tomorrow are substantially elevated at this time.