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US Indices: Last Chance To Sell

|About: Invesco QQQ ETF (QQQ)
Summary

US Indices currently at major reistance.

Wild correction is still in the cards.

Right now markets are standing just below resistance. This is seen on S&P only:

S&P 500 Above 2866 we would consider it a breakout towards new highs, but not yet. Tomorrow is the last trading day of the week, and everything can change quickly.

On Nasdaq 100 it looks like a breakout into next zone, but, market currently stands in the middle of the trading range, and often markets reverse just at the half distance. So, it may result in a false break (on the weekly timeframe).

I also found a good fit for channel alignment on Nasdaq 100, suggesting a top:

Nasdaq Daily They are symmetrical and fit the price level well. It looks better on the 4H chart though.

It is still possible to do a sharp selloff into 5584 level, in 8 trading days, including Sunday 31 Mar.

To validate this scenario is gonna work it is easy: market must drop into 7000 level by Friday's close. Otherwise, it is cancelled.