QQQ is challenging the May 11th reaction high/top of the recent trading range while SPY tests downtrend line resistance.. key technical levels which are likely to determine the next major direction of the markets.
As posted in the trading room earlier today, there just weren't any significant technical developments in the equity market worth noting today with prices nearly flat on unusually low volume. However, GDX (gold miners ETF) has set up in a pattern which is certainly worth monitoring, this bear flag/pennant continuation pattern that has formed on [...]
Friday saw the broad gains across U.S. equities although for the most part, those gains were insignificant from a technical perspective, as all major U.S. indices still remain solidly entrenched in a near-term downtrend that began with the April 19th & 20th highs in the QQQ & SPY, respectively. A downtrend is simply defined a [...]
This post outlines the entry criteria, suggested stop & profit target for a trade in AG, First Majestic Silver Corp.
As with the other US stock indexes, QQQ has potential bullish divergences in place which are worth monitoring, should prices move higher into next week. Today the Q's dipped below the recent trading range but found support at the May 6th reaction lows. (edit: the previous posted 60-minute charts for QQQ & SPY were the [...]
QQQ has broken 104.90 support, opening the door for a move down to at least the 103.55 area while SPY has taken out the 204.00 support level & is likely headed to the 199.80 area in the coming days. IWM is coming up on the 108.07-107.77 support zone. While the potential bullish divergences are still [...]
Nice impulsive move lower following the break below the previously highlighted bear flag on USCR (U.S. Concrete Inc). Still an unofficial trade idea although I've added a price target (same as T1 on the previous short trade from late 2015). USCR was posted as an unofficial trade idea in the trading room (click here to [...]