Morning Market Rundown 12/30/24 - $SPY & $QQQ VWAP Reclaims, Key Levels & Upside/Downside Scenarios

$SPY Analysis: Monitor to see if the price can get back above the 594.08 2-day VWAP. From there, monitor to see if the price can reclaim the 3-day VWAP at 596.22. If the price reclaims the 3-day VWAP, monitor a further push into the 599 MTD VWAP and then the 602.83 and the 604.34 regions. If the price fails to trade back above the 2-day and daily VWAP, monitor the 590.76 for a further decline down into the 586, 582.58, and 579.15 price levels.

$QQQ Analysis: Monitor to see if the price can reclaim the 521.14 2-day VWAP for a push back into the 524, where the 3-day, MTD, and previous WTD VWAP coincide. If the price can reclaim this, it could fuel a rally into the 527 and a potential gap fill back into the 529.65 region and continued upside potential back into the 534.52 area. If the price breaks below 517.87, monitor a decline down into the 514.56 region and then the 50 DMA area at 509.65.