On Wednesday, I predicted that $Invesco QQQ Trust(QQQ)$ will be attracted to the price magnet of 362.54 before June ends. On Friday, $QQQ closed exactly at 364.54. Follow me if you want to learn more about price magnets.
Nasdaq100 is likely to end its weekly bull microchannel (repeated failure to break prior week low) this week. Hence, I am expecting QQQ to go below 360.22 soon. Nasdaq100 mid-price and S&P500 Aug 2022 high are two price magnets as they are key price levels. Hence, I am expecting QQQ to be attracted to 359.76 and SPY to 431.73 before June ends.
It is not common for $SPDR S&P 500 ETF Trust(SPY)$ to form a bearish gap when it's in a uptrend, but it formed one yesterday. Based on my cursory scan of the daily chart, there is a good chance that it will go below yesterday low of 435.03 today but will try to close the bearish gap on Thursday.
$Invesco QQQ Trust(QQQ)$ will be attracted to 362.54 before June ends. If it can close above 362.54 at the end of the month, then QQQ will have the highest quarterly close since 2022.