Yesterday QQQ formed a bullish daily candle close within the white resistance zone. There is strong resistance in this white zone, and bears are attempting to push the price back down here. The key price level to monitor is $488.48. Bulls want to flip this price level into support, and bears and to keep the price below $488.48. Bulls are looking strong so far, and there is the possibility of a move up to the higher end of this range around $491.63.
The US stock market had a very bullish day today with the S&P closing at new all time highs. I think SPY has some more room to climb higher with two key resistance levels ahead around $585 and $592. The price targets will change over time, the yellow trendlines are sloped upwards so the targets will gradually increase if it takes longer for the S&P to climb up.
Bullish daily candle close for the NASDAQ as well. QQQ closed above the white resistance zone, but still has some local resistance around $493.70. If QQQ manages to rally I have $503.35 as my next key resistance target. One possible scenario to consider tomorrow is that this could be a rally ahead of the inflation data announcement. We’ve seen these rallies lead to selloffs on the date of the announcement so keep that in mind as we wait for CPI inflation data tomorrow.
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