SPY made a solid breakout & close above the recent mid-Dec to early Jan or “X-mas” trading range, thereby triggering a buy signal & the next objective long entry on that major index. 60-minute chart below.
SPY 60m 2 Jan 6th
With the expected reversal (reaction) off the 270 resistance level in QQQ & comparable 11773 resistance level in /NQ in the final hour of trading today, that gives us a third & confirming reaction to further valid 270 as a significant resistance level. As such, we now have a slightly larger trading range on the QQQ 60-minute chart (yellow box) to watch for next week. As with the previous “X-mas” range (purple box), which was taken out impulsively on a break above today, a solid break above the yellow trading range will be bullish, increasing the odds for a continued move up to my 280 swing target, while a move back down into & especially below that range would be bearish.
QQQ 60m 2 Jan 6th
I’ve also boxed in that range on the /NQ 60-minute chart below, with the top of the range around 11175 & the bottom around 10750.
NQ 60m Jan 6th
To be continued on Monday…Have a great weekend!
-RP