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.
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- QQQ 60m Feb 26th
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- QQQ 60m 3 Feb 26th
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.
SPY 60m 2 Feb 26th
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:
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- QQQ 1-min Feb 26th
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- SPY 1-min Feb 26th
