Hello friends,

Welcome back to another market update from AppleTree360. In today’s post, we’ll break down what’s happening with QQQ and SPY as of May 8, and what may lie ahead. We’ve also posted the latest video breakdown on our YouTube Channel, so make sure to check that out as well.

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QQQ: Bullish Momentum Slows, but Not Dead

QQQ, the NASDAQ ETF, had a mixed session on May 8. Although the day opened on a positive note, momentum faded by the close, resulting in a doji candlestick – a classic sign of market indecision.

On the 4-hour timeframe, we had identified a breakout zone earlier in the week, and that move played out well. we are close to the target of $495–$500, and we may still have room for another 1% push higher before entering a cooling-off period.

However, after some strong morning price action, the afternoon showed signs of weakness, especially around the 12 PM and 4 PM candles, which turned negative. This could mark the beginning of a pause or mild pullback.

Key Levels to Watch:

• Support near $493
• Short-term upside potential to $500–$503
• Possible pause or drift heading into Friday

With Friday marking the end of the week, expect some sideways consolidation. A strong close above $503 could signal continued momentum into next week. Otherwise, we may enter a choppy zone for a few days.

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SPY: Moving in Sync with QQQ

The SPY ETF (S&P 500) showed very similar behavior to QQQ today. It tried to revisit its recent high near $568 but failed to hold above it, closing slightly lower.

Despite this, it was still a constructive session, and SPY remains in a strong uptrend, just like QQQ. It continues to trade like a tech-heavy ETF, indicating broad strength in technology-related sectors.

SPY Key Insights:

• Market is about 8% off all-time highs
• Similar breakout/pause dynamics as QQQ
• Watching for a retest of recent highs or a minor dip before continuation

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Final Thoughts

The market has had a strong run recently, especially in tech. However, we’re approaching levels where a short-term pause or consolidation would be healthy. Whether it’s QQQ or SPY risk management is crucial right now.

Stay tuned to our daily insights through:

• Our blog at AppleTree360
• Our YouTube channel for timely videos and chart walkthroughs

We’ll continue to share key price levels, breakout setups, and analysis so you can make informed decisions in your trading or investing journey.

Thanks for reading, and see you in the next update!

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