Cautious Outlook: Base-Building Rally Shows Promise
- SPY and QQQ both closed near unchanged on April 2 despite strong intraday range, suggesting consolidation after a 2-day bounce.
- Both ETFs remain below key EMAs (20 and 50), signaling ongoing bearish structure despite near-term momentum.
- VIX declined for a third consecutive day (25.25 → 23.87), reflecting easing volatility—consistent with the “de-escalation rally” noted in journal entries.
- Resistance zones cited: ~658–660 for SPY, ~585–587 for QQQ. A break and hold above those could confirm trend reversal.
- Market internals (breadth, AAII bear/bull spread) point to bottoming sentiment, though price action remains choppy and prone to whipsaws.
- Disclaimer: Nothing you read on this site should be considered as financial advice. Do your own research and take responsibility for your own decisions.*
- Source: AI*
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