$SPY $QQQ relief bounce or reversal?
Both indices at pretty important areas. SPY 450 big psych level and previous bounce zone, QQQ also at previous resistance turned support, 200MA daily. Both indices are oversold on the RSI daily. The last time the RSI on both have dipped below ~30 was the covid dump back in March 2020. Both pretty overextended from the 9ema daily as well. Expecting a relief bounce or reversal here as QQQ has dropped 10+% from highs and SPY around 5%.
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