The 2 most probable stopping points for this counter-trend bounce are the 38.2% Fib/208.39 horizontal resistance (here) or the 50% Fib/209 resistance level on the SPY & the resistance zone on QQQ that runs from 107.92 – 108.37. 15-minute charts:
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- SPY 15 minute June 16th
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- QQQ 15-minute June 16th
For those trading the small caps, the most likely reversal range is between the 114.54 resistance level where IWM is currently trading, up to the 115.57 level (note the 38.2% Fib also comes in around the middle of that resistance zone).
IWM 15-minute June 16thIWM