SPDR S&P 500 (SPY)
In yesterday's post I wrote :
For the upcoming session I will be watching if it will manage to hold today's low. if it will be broken it will trigger new leg down which it could sell to 178.83. in the other hand, breaking today's high spy could test 184.11.
The spy opened higher and broke yesterday's hight just to test 184.11 and then start to sell to 181.64 which did hold, at the end of day the market manged to break 184.11 and close a bit higher at 184.23.
Now i'll be watching if the spy breaks 184.67 it could rally to 13 SMA (185.61), that being said the spy could still sell to 178.83 in case it breaks 184.11 to the downside again.
PowerShares QQQ (QQQ)
In the last severall posts I wrote :
QQQ broke a symmetrical triangle which could signal more downward movement .I'm expecting that QQQ will sell to 83.80 and then I said “Currently the QQQ is trading bellow the 100 SMA which is bearish.
as I showed in the last update it broke a Symmetrical triangle which gives it a 83 price target, however it could be forming Descending broadening wedge which a short-term bullish reversal.
Today the QQQ sold to 83.28 and then manged to reverse, I would be expecting now a test of the 13 sma (86.71) and if it manged to break it i'll be expecting a test of upper red line as chart shows above.
I gave a 107 target for the IWM , today it hit 108.70 and reveresed.
* In case it breaks the 150 sma , test of the 13 sma would be expected.