SPY continues to bounce around between the top of Friday’s gap & the bottom of Tuesday’s gap without any change in the technical posture recently. With the suggested stop smack in the middle of that range (on a daily closing basis), it only makes sense to suspend the stop again today. 60-minute chart below.
SPY 60m May 7th
QQQ is starting to crack below this small 60-minute rising wedge but will need confirmation via a break below the comparable wedge on SPY for a sell signal with the PPO poised to make a bearish crossover with the negative divergences still well intact as they continue to build.
QQQ 60m May 7th