Projections based on market internals
Market internal indicators are all sending out a highly bullish message.
The current Bounce is capable of turning into the resumption of the Up Trend that started on 12/26/19.
However, $SPX $NDX SPY QQQ TQQQ are likely to gap into Resistance1 at open today. There is still a fair amount of skepticism from buyers about the ability of this market to rise above Resistance2.
Therefore, there is a high probability that $SPX $NDX SPY QQQ TQQQ will need to drop a bit and test at least Support1 first.
This test is necessary to assure existing bulls, and to bring in more buyers. If enough buyers arrive, $SPX $NDX SPY QQQ TQQQ can go all the way to Resistance2, and possibly to rise above it.
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Table of support and resistance levels
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