A quick update on SPY & QQQ. After one of the largest 3-day declines so far this year, on both Thursday & Friday SPY found support on the minor uptrend line that was most recently highlighted in Thursday’s video while QQQ fell to right where the previous 60-min chart scenario had projected from the last 60-minute chart that was posted back on July 25th. Now expecting a resumption of the downtrend not far above where the Q’s are poised to gap at the open today (143.20 area). Also note that the SPY & QQQ had reached oversold readings on the 60-minute time frames late last week. From the look of the charts, I favor at least one more thrust down to take out last week’s lows & will be watching to see if positive divergences start to form on the 60-minute time frame in order to move from a net short to net long (or market neutral) bias.

For those signed up to receive email notifications when a new post is published, my apologies for the 2 “test” emails that were sent out in the early hours over the weekend. I had a programmer on the other side of the globe working on the site & forgot to make him aware that notifications would be sent on any test posts unless he disabled that feature. Again, sorry for any inconvenience or disruptions that might have caused.