Not much to say - but those charts of QQQQ and SPY should really be screaming SELL SELL to you , as this markets since September is in a bearish rising wedge. A breakdown of this would cause MASSIVE selling very fast. But cause we have no really economic data out this week - we might just be choppy sideways/up on POMO buys and thats what we have seen. But I just say , keep your longs light and be prepared to sell all of your longs as signs showing a reversal - cause a major drop is right around the corner imo. If the timing tools is right we should see the reversal from Mid February and 1-4 weeks from there a very nice big drop. But again as I have been saying the short term trend REMAINS up and then no reason yet to short markets big. Wait for confirmation that the trend has reversed and then short bigtime..
The levels to watch on SPX to the downside is currently 1303-1304 level - so if we see a break below SPX 1303 ( then it will be confirmed ) that the trend has changed and a bigger move to downside is comming. I am going to load up as many shorts I can IF and only IF we get a breakdown below 1303 - until then we might see 1333 ( double 666 since marhc lows??)
Have a nice day and good luck to all
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