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.
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.
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.