Another day, another piece of the market puzzle and an alternative pattern emerges. This Intermediate Term Trend Model uses Daily price bars to map out an alternative path for the QQQ in the days ahead. After the FOMC pronouncement later today, likely followed by some earnings induced volatility expected from Apple and Amazon tomorrow and a jobs report on Friday, the downward path will resume, once again targeting the 400 level in early August. QQQ Daily The lower trend channel provided not only temporary support but a robust bounce in front of today's FOMC announcement. Whether the bounce last a day, or a week, lower prices are ahead. Projections: Key Level around 410, Fib Extension at 407, market panic potential below 400. SPY Daily The same exact pattern, right down to the strong channel support and subsequent bounce, is shown above on the SPY Daily Trend Model. In both cases, QQQ and SPY, and hard down Wave (3) is next.
