The video provides a technical analysis of QQQ and SPY. For QQQ, after hitting a new all-time high, the analyst is watching the 546.00 level. If QQQ is rejected at the level then it is expected for a pullback to 532. For a case of going above 546 the price is expected to rise to the 555-556 area. Regarding SPY, the video indicates the price will test previous high then will pull back to 600.00 level. The resistance levels identified are at 613.00 and 617.00, with 627.00 as a further target if 617 is surpassed. The analyst suggests low volume might induce selling and brings down the price to 600.