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SPDR S&P 500 (SPY)

 

 In Yesterday's post, I wrote: 

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.

The SPY opened at 184.47 and start selling to test the upper line of the previous channel which acted as a support, from there the spy tested 185.61 several times and eventually closed at 186.12.

 SPY did make a nice rally today breaking the downward channel that I referred to in my previous post however it's still trading under the  34 DMA (186.19) that being said I would be still cautious here as the IWM and qqq are still weak as the charts will show next.

 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) .



* IF 61.8% retracement level (186.57) is broken watch the 187.12 in the other hand breaking the 13 sma downward movement could accelerate.

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 however a break of today's open could lead to a more downward movement. 

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