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SPY & QQQ Short-term Price Targets

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SPY & QQQ Short-term Price Targets

These 15-minute charts show what appear to be small rising wedge patterns on SPY & QQQ. While we don't have any sell signals yet, both continue to struggle with the overhead resistance levels recently highlighted on the 60-minute & daily charts. While my convictions are very strong at this time, I still favor more downside today with minimum pullback targets of 272.45 on SPY &  166.90 on QQQ. If so, a reaction off those levels along with the intersecting uptrend lines would be likely with a sell signal that could open the door to more selling to come on an impulsive break below the uptrend lines, although that would likely occur next week, if at all.

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2018-11-30T10:11:21+00:00Nov 30, 2018 10:11am|Categories: Equity Market Analysis|Tags: , , , |0 Comments

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