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SPY & QQQ Near-term Price Targets

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SPY & QQQ Near-term Price Targets

QQQ has run into the key 50% Fibonacci retracement level where a pullback is likely. Likewise, SPY has rallied to just shy of the key 61.8% Fibonacci retracement level + 281ish resistance level. My preferred scenario is a pullback to these 60-minute uptrend lines & a likely backfill today's gap on both sometime this week. The 60-minute charts below also show some nearby support & resistance levels to watch & possibly trade off of, for active traders, although I suspect that the markets may likely trade in a choppy, mostly sideways 3-4% range over the next week or two.

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2018-12-03T11:22:49+00:00Dec 3, 2018 11:22am|Categories: Equity Market Analysis|Tags: , , , |Comments Off on SPY & QQQ Near-term Price Targets