This morning markets gapped up after MU posted strong results and the delayed November CPI report came in cooler than expected. However, the markets didn't finish strong at all. IWM was especially weak as it closed near its lows of day. There are some near term concerns on daily time frames, but larger time frames still look okay for now.
Starting with IWM, it had a failed daily breakout and finished very weak. This starts a new downtrend for it on the daily. Now, the retest support will be around $248 for tomorrow which it closed well above. So, as long as IWM opens above $248 tomorrow, that level will be support tomorrow. If it gaps significantly below it, then it will be resistance. The new downtrend it started from today's failed breakout will also be resistance at about $250.50. It will be a good short above $250 tomorrow with a stop above $250.60. This is assuming it does not gap above $250.50, if that happens then we have to wait and see how it closes.
QQQ was the best performing today thanks to MU and other semis. But it also failed to close above it's downtrend resistance and had a failed breakout, starting a new downtrend. It wasn't as weak of a finish as IWM, but it wasn't bullish either. Similar to IWM, it closed well above the retest level for tomorrow which is at about $607. So we'd need to see a significant gap below that for it to remain as resistance, otherwise it will act as support. The new downtrend resistance from the failed breakout will be at about $612.20 for tomorrow.
SPY on the other hand looks a bit different as it remains in a larger uptrend with support at about $673 for tomorrow. What is interesting is that tomorrow is the ex-dividend date for SPY so it will be adjusted lower due to that and may be very close to support, but regardless of that the support level remains the same.
