The analysis discusses the Nasdaq 100 (QQQ) and S&P 500 (SPY) ETFs, focusing on potential bull traps. For QQQ, the price target of 534 was achieved, but the market is now chopping around. A bull trap is possible, with a rejection below 534 leading to a quick move down to 512. If QQQ breaks above 534, it could retest the previous all-time high of 544. The S&P 500 (SPY) hit its price target just above 604, also facing potential bull trap conditions. A rejection below 604 could lead to a move down to 582. However, a sustained break above 604 could trigger a retest of the all-time high at 613.