QQQ closed on the bottom of my “re-short” resistance zone & is currently indicated to gap up to just above the top of the zone. While any of these additional resistance levels are likely to stop this counter-trend bounce, my preference is to hold off on adding any more short exposure for the time being OR on a move back below 105.20. As of yesterday’s close, the 60-minute trend indicators remain solidly bearish.
QQQ 60-minute June 29th
SPY closed right just above the bottom of the objective shorting zone & is currently indicated to gap about 40 basis points (0.40% above it) around the 204.80 level. My expectation is for a gap fade but if the SPY holds above 204 today, 205.72 is the next solid resistance level. As with the Nasdaq 100, the 60-minute trend indicators on the S&P 500 closed in solid bearish territory yesterday.
SPY 60-minute June 29th