Clicky

Archives

March 2017
MTWTFSS
« Feb  
 12345
6789101112
13141516171819
20212223242526
2728293031 

QQQ At Resistance, Reversal Likely

QQQ needs to reverse here soon to keep the bearish case well intact. 106.80 is a solid resistance level which, if taken out by a fair margin, will solidly flip these 60-minute trend indicators from bearish to bullish. My expectation is for an reversal off this level.

QQQ 60-minute May 10th

QQQ 60-minute May 10th

May 10, 2016 10:53am|Categories: Equity Market Analysis|Tags: , |3 Comments

3 Comments

  1. Profile gravatar of schooner
    schooner May 10, 2016 12:33 pm at 12:33 pm

    The 50MA has crossed up through the 200 MA

    0
    • Profile gravatar of rsotc
      rsotc May 10, 2016 2:12 pm at 2:12 pm

      Are you referring the a 50/200 golden cross on the daily? Wasn’t sure as I run the 50 & 200 emas vs. smas on my daily chart. That other chart I posted above was a 60-minute, in which you can see a 130-period ema up on the top with the indicators although you can’t make out the line on the chart since I had the brightness muted down quite a bit.
      The 120-ema does a pretty decent job of defining trends on the 60-minute chart, as you can see it has recently. Also note that QQQ is now testing it from below (resistance). It is also worth noting that the Q’s are also testing the key 200-day ema from below as well, another simple & fairly effective stand-alone ema that does a pretty decent job of defining trends on the daily frame, especially with the QQQ & many of it’s top components.

      0
  2. Profile gravatar of schooner
    schooner May 10, 2016 2:18 pm at 2:18 pm

    Yes, I am referring to a golden cross of the 50 SMA crossing up through the 200 SMA. I realize now that the cross actually occurred yesterday but I just saw it today because it was sort of hidden on my chart.

    0

Comments are closed.