Very impulsive selling following the failure to regain the key resistance / failed breakout level increases the odds that QQQ will soon go on to break below the 130.13ish "should do the trick" support level. Yesterday's & today's updated 30-minute charts: SPY preferred scenario playing out as SPY continues lower following the recent [...]
QQQ testing the former failed 'breakout to new highs' resistance level. With the wedge just too high for a backtest at this point, I favor a resumption of the downtrend from around current levels. QQQ 30-min April 10th SPY is still trading well below the 30-min rising wedge pattern while at the top [...]
Following Wednesday's early session pop impulsive late day sell-off, QQQ consolidated in a tight sideways range to close the basically flat on the day. Also note how QQQ failed on numerous attempts throughout yesterday's session at the 132.40ish resistance level, which defined the key level of the recent failed breakout to new highs. Also worth [...]
A recap of today's price action & recent technical developments in the US equity markets (SPY, QQQ & IWM) as well as a few key sectors ETFs such as XLK (technology), XBI & IBB (biotechs), SMH, XSD & SOXX (semiconductors) as well as the volatility indexes ($VIX & $VXN).
The first part of this video covers the intraday charts & near-term outlook for the US stock market, highlighting some key technical levels & chart patterns to watch. Next, a brief discussion on the disconnect between the recent flurry of bullish economic data against a back drop of bearish technicals followed by the intermediate & [...]
Nice dump into the close to print red candles on the SPY, DIA, QQQ, virtually flat on MDY & a slight green close on IWM after the late session dump into the close resulted in a fade of about 75% of the earlier gains. Also worth noting is that only 2 out of the 11 [...]
The chart below shows the Nasdaq Composite plotted above the percent of stocks within the Nasdaq Comp trading above their 50-day moving average. The dashed vertical lines show every stock market peak for at least the last 13-years. Without a single exception, all of those corrections (a drop of 10% or more) and bear markets [...]