SPY continued to trade above the 278.93ish support since tagging that level yesterday with the expected reaction, so far, more in time than in price. As I like to say; support is support until & unless broken so the chance for a rally off this level still exists with the next sell signal to come on a solid break and/or 60-minute close below the 279.90ish level. 60-minute chart below with the pre-market trades in the shaded area.
SPY 60m May 14th
Likewise, QQQ continued to trade above the 217ish dual gap support level since tagging that level yesterday with the expected reaction, so far, more in time than in price. Support is support until & unless broken so the chance for a rally off this level is still alive with the next sell signal to come on a solid break and/or 60-minute close below the 217 level.
QQQ 60m May 14th
/ES (S&P 500 futures) continued to consolidate since yesterday’s close with the divergences still intact as they would still to be, should /ES continue down to the next target/support around 2770. Any drop much beyond that, however, will likely negate or take out the divergences & decrease the chance of a decent counter-trend rally anytime soon.
ES 60m May 14th
As with /ES, /NQ put in a divergent low yesterday although those divergences could extend should /NQ make another thrust down to the next target/support around 8831. Bottom line; the major stock index ETFs are clinging to the same support levels which they fell to & traded on since yesterday. Any relatively small moves above or below those levels between now & the opening bell could prove to be whipsaws as marginal breaks above or below support or resistance in the pre-market session should be taken with a grain of salt.
We should have a good idea of whether or not the market will bounce off these supports or drop below them & make a run down to the next targets/supports on the charts above. As of now, we still have positive divergence on the 60-minute charts of the futures & will continue to do so if they take another spike down to those next supports/targets below but not much beyond that.