With both SPY & QQQ reversing off my upper-most bounce targets yesterday & at the risk of oversimplifying things, essentially a solid break above yesterday’s highs would be bullish while a solid break below Monday’s lows would be bearish & anything in-between simply technical “noise”. SPY & QQQ daily charts:
At yesterday’s highs we had another rejection off the top of the descending broadening wedge pattern on the /ES S&P 500 & /YM Dow 30 futures yesterday, keeping the downtrend off the May 1st highs intact for now.
After my final near-term target which was posted the very day the market topped on May 1st (1st chart below) was hit at Monday’s lows, providing an objective level to cover shorts & reverse long for the bounce,/NQ Nasdaq 100 futures rallied to hit my upper bounce target on QQQ yesterday, followed by an impulsive rejection in the after-hours & overnight session so far. The updated (2nd chart) below lists the first decent support for /NQ at the minor uptrend line + 7460ish support level followed by the previous lows/7275ish support.