$SPX +0.44%, $QQQ +0.6%: Bullish Signals Play Out Despite Negative Sentiment
The market managed a green close today despite heavy negative sentiment. While the $S&P 500(.SPX)$ (+0.44%) move might have been emotionally surprising to the crowd, it was technically valid. As analyzed in our Weekly Compass, the charts specifically signaled this bullish potential. The $Invesco QQQ(QQQ)$ followed suit, gaining +0.6%.
Last week, our Daily Levels were instrumental in anticipating bullish reversals. These modeled “Bullish Above / Bearish Below” indicators act as your primary momentum compass, while our structured Support and Resistance (S/R) levels define the high-probability destinations for the move.
Example QQQ (SPX is below with more securities):
For tomorrow, the QQQ must hold above $587.9 to maintain its bullish momentum. Today, the tech ETF met resistance at the 20-DMA on vanishing volume. A failure to hold this level suggests a move toward $585.3, and if momentum accelerates, a deeper visit to $582.0. In theory, we have all the day tomorrow before any geopolitical announcement or confirmation, which is expected to happen on Tuesday night NY Time.
The market remains laser-focused on the conflict in Iran. Managing risk is paramount: volume has been declining over the last few sessions, and the $Cboe Volatility Index(VIX)$ closed in the green today, a signal for caution.
Conversely, if stock participation remains broad as we saw today, and we avoid a new geopolitical headline that spikes Oil prices, the QQQ has a bullish path toward $591.2, and $593.9 if momentum gains traction.
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