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.

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

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