The markets did manage to gap up today to open above weekly supports mentioned in the prior weekly update. Small caps led the way with IWM closing up 1.11%, though it was well off of the highs. QQQ only gained 0.35% and actually finished quite weak while SPY held most of its gains and closed up 0.62%.
IWM is in a new daily uptrend after it closed above its last daily downtrend on Friday. It got close to its uptrend resistance today before pulling back, and it should open above its uptrend support tomorrow (barring a large gap down) with that new uptrend support at about $251.50.
QQQ also closed above its downtrend resistance on Friday and started a new uptrend. It tested that new uptrend support today around $617.75 and held it, but it was not a strong finish and we will likely see it open below (outside) of the uptrend tomorrow. There would need to be a significant gap up tomorrow above about the $623.60 level for QQQ to remain in this current uptrend (white channel). It is possible we get it, but it's improbable. Now this is not necessarily bearish if it opens below it, it just means that a new trend will start (likely still a new uptrend). But an open below $623.60 means that this level will now be resistance tomorrow if it tries to make a run at it.
Lastly for SPY, not much has changed. It remains in the same daily uptrend which is a pretty wide range. Until this breaks one way it will remain as the only trend on the daily for the time being.
