SPY continues to test the first target zone which includes this uptrend line. With two additional reactions off the trendline in the past couple of sessions, it now appears that a solid break and/or 60-minute close below the trendline will be the catalyst for the next leg down to the 2nd target around 358.75. The PPO trend indicator has crossed below the zero line but I’m still awaiting a cross down below the -0.44 level to help signal a change of the near-term trend. 60-minute chart below.
SPY 60m Dec 15th
Likewise, QQQ continues to hold above the 300.40ish support/first target with the next sell signal still pending a solid break below. I’m also watching the PPO trend indicator which recently crossed below the zero line but still awaiting a cross down below the -0.49 level to help signal a change of the near-term trend on the Q’s. 60-minute chart below.
QQQ 60m Dec 15th
Updates on some of the recently highlighted trade ideas including gold, coffee, copper, & some others, as well as some notable developments to watch for in the bond market, to follow soon.