It is important to avoid these sharp declines, so getting out close to the open was mandatory for overnight longs.
SPY Weekly
Price is at the bottom of the bodies of the candles from two and three weeks ago. Certainly, there is a good chance of it taking out the 52 week average at 297. The important 13 week average is at 290. The history at around 300 makes this level look stronger than it probably is.
QQQ Weekly
Eventually this thing won’t go up all the time. The long term formation will look like a rising wedge unless it continues to hit new highs. If it stays a wedge, that presages an intermediate decline which could put the 52 week moving average in play at 205.
