[montly chart] Risk remains for longs $SPY $QQQ

The monthly chart allows use to see the struggle that is truly presenting. Bulls are having a difficult time defending this price level and confirming 2012 resistance as support. We can also see that prices are trading above the long term trendline. A test of the "trendline" would violate the current 50% retracement and support additional distribution. This would likely result in lower price discovery and retracement of longer term 50% retracement at $73.19

In the absence of "climatic selling" volume I believe prices will continue lower. Risk remains for any new long entries in my opinion.

Good Luck!