The 18 and 54 day simple moving averages are quite close together on both SPY and QQQ. 341 is the obvious target for SPY corresponding to the top of the congestion.
Simple moving average crosses are way better to play backwards. Chartist wisdom is that buying the cross of the shorter term average above the longer is the proper way to play. Other than being totally wrong, that view has some common sense behind it. Common sense isn’t that good as a decision framework though.
