This will be an abbreviated Weekend Update insofar as its a holiday weekend with little in the way of momentum heading into the weekend from last week. The first chart below is a two-day chart of QQQ showing a clean reversal down red bar stopping right on support. As suggested with last Thursday's Into The Close, the potential top stopped right on support, which as of this coming week will either fail leading to much lower prices (preferred count) or will result in a reversal back up to test last week's highs (unlikely, but still possible). SPY 240 Minute This shorter-term chart of SPY adds little to the QQQ chart, potential support or if that fails, much lower prices below. For now, anyway, lower highs and lower lows suggest price failure the more likely outcome, ergo the short positions we took on Thursday. My level of conviction is commensurate with the detailed analysis, i.e., not much. BTC 240 Minute Early in the weekend, Bitcoin is up against resistance that should give some direction, either more price strength, or a reversal back to last week's lows, below $60K. Stock indices to follow? Something to keep an eye on Sunday and into Monday. Silver 240 Minute As with Bitcoin, Silver is showing signs of strength with key resistance just above and key support, just below. This too could go either way in the days ahead. Gold 240 Minute Gold too is showing signs of price strength, but has to break above near-by resistance to gather upward momentum. We will be watch closely as Futures markets kick off the rest of July come Sunday night. Active Option Tables Blue Line PRO Blue Line Premium
