SPY successfully tested & closed above the downtrend line (support) yesterday, following Monday’s impulsive breakout (and divergent high).
SPY daily Nov 10th close
Likewise, QQQ managed to regain & close above the 283 support yesterday after a brief intraday dip below. As such, that helps to support the case for at least a near-term bounce that was laid out yesterday, assuming that yesterday’s lows hold.
QQQ daily Nov 10th close
After successfully defending the 11555 support yesterday, /NQ (Nasdaq 100 futures) has cleared the 11687 resistance level on an impulsive breakout (big green candle), thereby opening the door to a continued rally up to at least the 11835ish target. A backtest of the 11687 support would offer an objective add-on. The PPO is still in bearish territory (below zero line) & coming up for a backtest from below.. something to monitor. Previous & updated 60-minute charts below.
NQ 60m Nov 10th
NQ 60m Nov 11th