SPY and QQQ look to extend recent gains. In Today’s Daily Profit Compass market outlook I give you detailed trading plans, key levels and timely commentary to keep you on the right side of the trade.
SPY, QQQ, and IWM
Yesterday, SPY and QQQ broke above key overhead resistance and have them poised to make a further advance. Even though my intermediate term outlook remains bearish, like a couple weeks ago, I think the shorts need to be squeezed out and some longs sucked in before any renewed selling can gain any steam. Additionally, I believe positive outcomes are being anticipated for the G20. IWM took a step back yesterday but bulls are ok as long as price holds $148.50. Upside targets are given in today’s Profit Compass.
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