The 60 minute charts for SPY and QQQ are interesting.
SPY couldn’t quite touch the 50 retracement late Thursday afternoon. It tested the Thursday low on Friday morning, broke to the upside but failed to threaten 390. Price retraced to the 38.2 Fib.
QQQ has been clearly weaker, it retraced a bit more than 38.2% and is even threatening last week’s important low.
As the overnight action is showing this isn’t a bad place to expect support. Especially on a Monday night.
