Greetings, let’s look at some weekly charts.
Here’s the weekly chart of SPY. We still have some more upside to go before we reach strong overhead resistance in the 280-290 zone. Because of that, I think we could still go up another 10 points before starting our next leg lower. I don’t think we will reach new highs this year.
Here’s the weekly chart of QQQ. We’ve already reached the first resistance level near 175, so I suspect QQQ will drop before SPY drops (or drop more than SPY). Like SPY, I don’t think QQQ will reach new highs this year.
Good luck trading, see you next week!