The markets are quite overbought in the daily charts but in the lower time frame there is support beneath. So what we want to see is for the market to ignore the sell signal in the daily charts and find support in the 60 min timeframe. Then the markets will continue to grind higher.
As you can see in the daily chart the market is quite overbought. Therefore there is quite some fear that sell off will happen. But there is support below and if the support holds then the sell signal will be ignored and SPY will grind higher.
For a short term look, the Nasdaq is under pressure a bit and it might be forming a continuation box. If it breaks below the box then it may send the markets lower to the support area. On the other hand if Nasdaq manages to break back above the box, then the markets will likely go higher.
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