Double bottom or crash?

SPY is in a somewhat ambiguous spot, while QQQ looks a bit clearer.But this week’s results should bring more clarity.

Author

Profitus Trader
March 31, 2025

31/03/2025
🔎 Insights on the market 🔎

Are we seeing a double bottom in the market? Today, $SPY opened at $550 and quickly climbed to close the GAP at $555, showing what appears to be a potential double bottom.

There’s way too much going on this week to be sleeping on the market.

Tuesday: Eurozone inflation is expected to ease slightly to 2.2% in March; Florida holds two special elections for the U.S. House of Representatives; the Reserve Bank of Australia is expected to keep interest rates unchanged.

Wednesday: Trump’s "Liberation Day" tariffs are expected; Canada to impose retaliatory tariffs on the U.S.

Thursday: U.S. auto tariffs are set to go into effect; NATO foreign ministers meet.

Friday: The U.S. releases March jobs data, which is expected to show signs of a slowing labor market.

On the weekly chart, $540 looks like a resistance zone, but a rebound from that level as a second bottom is still in play. We’ll see how the week closes to confirm it.

$SPY daily

In the case of QQQ, we saw an almost perfect gap fill at $468.95 and a bounce from an even clearer zone than SPY — it rebounded at $457.10, which has previously been a key support level.

Let’s stay tuned to how things unfold this week.

$QQQ daily

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