$SPX and $QQQ Still Have Unfinished Business
Good morning, tigers ☕️📈
The tape is showing some hesitation, but I’m not convinced the move down is finished yet.
$S&P 500(.SPX)$ 📊
A doji has formed near the lower Bollinger Band, putting the index in an oversold area.
That opens the door for a technical bounce, especially with the gaps above still sitting as potential targets.
If CPI comes in around expectations, it could give that bounce some extra fuel.
Still, I’d treat any rebound as a reaction until the chart proves otherwise. The downside move doesn’t look complete yet.
$Invesco QQQ(QQQ)$ ⚠️
The bearish diagonal remains intact, with lower highs continuing to develop.
Today’s indecisive action ran into rejection right at that trendline.
Below, there are still two unfinished gaps at 712 and 701.
I expect both to get filled.
The key scenario to watch is 729.
If $QQQ fills 729 before taking out 712 and 701, that could create a much cleaner shorting opportunity.
For now, patience. Let the levels come to us. 🎯📉
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