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S&P And Nasdaq Rejected At Longer Term Resistance

|Includes:QQQ, SPDR S&P 500 Trust ETF (SPY)

Here is a look at the longer term resistance that the S&P is facing, as I see it.

(click to enlarge)Click to enlarge

The resistance is even clearer on the Nasdaq.

(click to enlarge)Click to enlarge

Perhaps even more troubling for the QQQ chart is that critical support on its rising wedge pattern will soon be at hand.

Disclosure: I am short QQQ.

Additional disclosure: I also own SPY puts.

Stocks: SPY, QQQ