SPDR S&P 500 (SPY)

[learningboutinv]

Gleno, may be I got some bull horns on... which is actually really hard for me right now to admit/consider with all this banking crap going on, inflation, increased unemployment, etc... But I am trying to look at both sides and doesn't that look like a cup and handle/bullish continuation pattern?

"As its name implies, there are two parts to the pattern: the cup and the handle. The cup forms after an advance and looks like a bowl or rounding bottom. As the cup is completed, a trading range develops on the right hand side and the handle is formed. A subsequent breakout from the handle's trading range signals a continuation of the prior advance."

"Handle: After the high forms on the right side of the cup, there is a pullback that forms the handle. Sometimes this handle resembles a flag or pennant that slopes downward, other times just a short pullback. The handle represents the final consolidation/pullback before the big breakout and can retrace up to 1/3 of the cup's advance, but usually not more. The smaller the retracement is, the more bullish the formation and significant the breakout. Sometimes it is prudent to wait for a break above the resistance line established by the highs of the cup."

If the handle is playing out, that means up to 1/3 retrace would = 47.46 and then a target of 60.05 on the QQQQs. (50.61 recent high on the handle -41.17 march low = 9.44 + 50.61 = 60.05)