/NQ (Nasdaq 100 futures) has broken out above the downtrend line with yet another rally into the T1 (7557ish) target followed by a brief momo-fueled overshoot. The trendline “should” now act as support on any backtest from above as should the 7293ish S/R level with objective long entries on pullbacks to those levels as well as a break above this morning’s high A couple of the recent 60-minute charts, starting with Wednesday’s bull trap, which was the catalyst for the 12% rally off Wednesday’s lows so far, followed by today’s updated 60-minute chart posted below.

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QQQ has made a pre-market (but not regular session) gap above the downtrend line to hit the 185.46 target/resistance. If the breakout sticks that could open the door for additional upside to T2. Potential support levels below are the downtrend line & 179.13 support level just below followed by the gap bottom of today’s (pre-market) gap as well as the regular session gap (i.e.- yesterday’s close of 177.66). Previous & updated 30-minute charts below.

SPY also popped above the downtrend line in the early pre-market session today, effectively hitting T1 & reversing from there as expected as this was the initial tag of that target. While this could prove to be the end of the run, a solid break above the 250.50ish level should open the door to T2 (260.90ish level).

SPY 30m March 20th

SPY 30m March 20th