QQQ & SPY Pullback Off First Price Targets Offering Objective Re-Entries

The typical reaction off the initial target/resistance level on QQQ so far with at least one more leg higher likely to start soon. However, resistance is resistance until & unless taken out so the failure at resistance so far today could very well mark the end of the counter-trend bounce with a break of yesterday’s lows (and the 214.34 support just below) opening the door for another leg down towards the 211.42 support.

Also as highlighted in today’s video, SPY ran into the first target/resistance level around 317.77 at the same time QQQ hit the 220.25/TL first target/resistance, followed by a typical reaction so far. I still favor another leg up to towards at least 320.50 on SPY although one can’t rule out the possibility that the counter-trend rally has already ended.

Here are objective long entry or re-entry points for those that booked the quick profits at those first target/resistance levels that were hit earlier on SPY & QQQ (with stops somewhat below). 1-minute charts below: