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.
SPY & QQQ Near-term Price Targets