$SPDR S&P 500 ETF (SPY.US)$$Invesco QQQ Trust (QQQ.US)$ SPY...

Market eyes Non-Farm data: Will there be a rate cut in Dec?

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Derpy Trades joined discussion · Dec 6, 2024 08:42

$SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$ SPY broke the main resistance line we have been covering for months, which appears to have stolen its momentum and SPY has now broken support on its ascending channel and appears to have confirmed it as resistance.

QQQ momentarily pushed above both the previous symmetrical triangle support (now resistance) and resistance line of the ascending channel and had a nice correction.

Nonfarm Payrolls and the Unemployment Rate tomorrow will likely decide the next major move on the market. If you saw my post on the VIX, it is potentially indicating a sharp pullback. Depends on how the market interprets tomorrow's numbers. Derpy Trades

Best of luck, Cool Cats. God bless.