SPY at support, could bounce. Put in first lower low since Oct 2022 + triggered Head & Shoulder. The neckline is 1st resistance, but major resistance is the down sloping TL of lower high pivots. Major support is 418.31 (former pivot high + 200 DMA)
QQQ also at support, could bounce. Not valid Head & Shoulder (unlike S&P + Russell). May be forming a wedge pattern. Major resistance is 371.83 with major support at 334.42 (double bottom 354.71 will be negated if price is forming a bear flag)
IWM near 175.65 gap-fill support, but not quite there yet. This is the 1st index to close below its COVID TL (leading indicator of where the others are headed?). Triggered a Head & Shoulder pattern several days ago; neck line is resistance on any bounce. Major support is 162.50 (also the calculated level of H&S pattern)
Leave a Reply