Both SPY & QQQ are now approaching the upper bounce targets/resistance levels that have been highlighted in recent videos. How the markets behave from these levels could provide some clues as to whether the correction off the May 1st highs was the start of something much larger or just another buying opp on the road to new highs. Whether or not it pans out, I view this snapback rally to resistance as an objective level to initiate or add back any shorts that were recently closed out earlier this week in anticipation of the oversold snapback rally.
On a related note, as a top-weighted component of QQQ & likely to have an impact on the index, GOOGL is approaching the 1200ish price target where at least a minor reaction on the off initial tag is likely. Previous & updated 60-minute charts (originally posted in the trading room):