SPDR S&P 500 (SPY)
"Next levels to watch in the spy is the 61.8% retrenchment level (186.57) and the 13 sma that should be tested in the upcoming session (185.66) ."
The SPY did test the 13 SMA just to close slightly lower than the 61.8% retrenchment pivot.
the next level to watch would be 187.19, breaking it and i'll be watching 187.75 the level that would confirm to me that the in the short term spy would test 189 once again, In the other hand any break of the 184.29 pivot would mean more downward movement.
PowerShares QQQ (QQQ)
"The QQQ is still looking weak which eventually could drag the market to more downward movement; we are still in a downward channel and under the 13 SMA.
I'll be still looking for a test of the 13 sma (86.53) however a break of today's open could lead to a more downward movement."
the QQQ did slightly breach its downward channel however as i said before the QQQ is still weak and making lower highs, actually it tested the 13 sma and closed beneath it once again that being said I'll be still watching if it will fulfill the the Descending broadening wedge pattern which is short-term bullish reversal.
ONE MONTH PREMIUM PACKAGE – For 15$