Major Indexes Continue To Meet Overhead Resistance

Includes: IVV, QQQ, SPY
by: Bespoke Investment Group

Following Friday's rally, we noted how the S&P 500 and Nasdaq 100 had failed to exceed their closing levels reached prior to Thursday's large negative intraday reversal. Below we have updated the intraday charts of the S&P 500 and Nasdaq 100 since 10/10.

As the charts detail, both indices have tried and failed to break through the levels highlighted. As we said on Friday, we would not become overly aggressive until the indices can take out these levels.