So far, both QQQ & SPY have reversed shy of the mid-point of Friday’s candle despite Trump’s latest attempt to gun the market higher with yet another tweet about progress on the trade talks with the market trading mostly sideways all day after the opening gap higher. A break above Friday’s candles would be bullish with a break below (favored) bearish. Daily charts below.


Zooming back out a bit on the daily charts, I’m still awaiting the final check mark & the next major sell signal still to come on a break below SPY 282 & QQQ 179.20 (Aug 5th low) although an impulsive break below the blue uptrend lines on these charts would likely do the trick. It seems that the market is on hold awaiting any good news from the G7 summit although I suspect that today is simply a consolidation day following Friday’s big drop which will soon be followed by another impulsive leg down. However, as I like to say, support is support until & unless broken so we’ll just have to wait patiently to see which way things break from here.