The bottoming tails for the last three weekly SPY candles show decent support above 425, but the intermediate trend is gently down. Each of the last five weeks have all made lower highs and lows.
QQQ is pretty much the same except the downtrend is slightly more pronounced.
On general principles, some kind of bottom and rally at some point in October is likely the correct forecast.
The simple interpretation of recent action is that some kind of bottom is forming.
Hard to believe but this is the weakest the market has been all year.
