SPY (S&P 500 ETF) is still backtesting the 60-min rising wedge pattern in pre-market today with trading likely to be choppy as the market awaits next week FOMC rate decision. 60-minute chart below.
SPY 60m Dec 12th
NVDA (NVIDIA Corp) is once again testing its primary uptrend line with trading in the pre-market session & is likely to be choppy as the market awaits next week’s FOMC rate decision. 60-minute chart below (although that is also the same larger, primary trendline off the 2022 lows).
NVDA 60m Dec 12th
QQQ would need to drop about 2 1/2% to get to the uptrend line off the Aug 5th lows so still on watch for a break below it to trigger a sell signal although whipsaws are likely into next week with the upcoming FOMC rate decision. However, if both SPY & NVDA clearly break below those respective uptrend lines & continue lower from there, it would be a near-certainty that QQQ will follow.
QQQ 60m Dec 12th