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Chart Attack: SPX & QQQ

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SPX futures are up 2-3 handles ahead of the Fed.

On Monday, we had a higher low at 2415, and held the 21 day.

Yesterday, we held above that at 2431. Now we’ll see if the market likes the Fed statement at 2:00 p.m., and if we can keep it above 2441 – 2446.

I’d watch IWM, IBB, XLF, and QQQ for clues.

Now let’s take at QQQ.

The last time we had a hard break in technology was the 5/18 Red Dog Reversal at $136.05.

Sellers couldn’t contain the bounce. On Monday, we had a Red Dog Reversal around the $138.11 pivot.

Yesterday, it hit a high of $140.56. See if it pushes above that with next resistance at $141.25.

If the sellers want to stay in control, they won’t let that resistance zone get reclaimed.

 

On Monday, we had a Red Dog Reversal around the $138.11 pivot, and yesterday, we hit a high of $140.56.

See if it pushes above that with next resistance at $141.25.

If sellers want to stay in control, they don’t let that resistance zone get reclaimed.

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