The bounce resulting from the bullish divergences highlighted yesterday continue play out so far today with SPY now at dual resistance: The 50% Fib retracement from the most recent plunge (yellow lines) as well as this previous reaction high. Note that the 38.2% retracement of the move down off the March 15th highs, which could also come into play as resistance, is also just overhead.
SPY daily March 23rd
This likely counter-trend bounce in QQQ could stop here soon but I’m leaning towards a move up to the 50% Fibonacci retracement level as that also coincides with price resistance. If that happens relatively soon, the negative divergence on this 5-min chart would remain intact.
QQQ 5-min March 23rdSPY