The analysis discusses SPY and QQQ, predicting a longer-term move to all-time highs, specifically targeting SPY at $630 by year's end. The current SPY price is $599.68. The analysis warns of a potential pullback, suggesting that failure to hold above $595 for SPY would warrant risk reduction. For QQQ, the current price is $527.38, with a target between $533 and $534. A break below $522 for QQQ would signal a likely move downwards to $512, then $506, and further to $490s if $506 does not hold. The analysis emphasizes reacting to price action rather than anticipating market direction.