The $QQQ is still the weaker market and remains under the downtrend line as well as below the larger level of 56.00 but markets are showing improvement today. The higher low has clearly been formed in the $SPY $XLF and $IWM and we will now look for the prior resistance levels of 124 (SPY) 1280 (XLF) and 74 (IWM) to become support. In the intermediate term, we can now consider the market “innocent til proven guilty” as long as these levels hold. If the QQQ could make it up through 56 it would make the long side easier to trust.
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