Technical analysis on SPY & QQQ highlighting the key trendlines, support & resistance levels on the US stock market at this time.
So far, the Q's failed to take out the top of Friday's gap (resistance) on a 60-minute closing basis (the first 60-min candle of each day prints at 10:00am ET so it represents only 30-minutes of trading). While that candle managed to close right on top of the bottom of the gap (i.e.- support) the [...]
As the largest component of both SPY & QQQ, today's earnings induced gap in AAPL has carried over to indicate a gap up in both of those major indices. With several resistance levels just over head & both 60-minute trend indicators recently flipping to bearish, let's see if today's gap is built up or faded. [...]
QQQ has clearly broken down below its 60-minute bearish rising wedge pattern today & appears to be waiting for confirmation via a similar breakdown on the other big index, SPY ($SPX) before continuing down towards any of the price targets below. As such, sell signal on the broad markets is still pending at this time [...]
The likely catalyst for a correction in the SPY will be a break below this trendline along with QQQ breaking below its comparable 60-minute trendline / bearish rising wedge pattern. QQQ is starting to move below its bearish rising wedge pattern following what appears to be a small bear flag continuation pattern. If so, we [...]
As laid out as a likely scenario in the Jan 6th market analysis video (first chart below is a screenshot from that video), SPY went on to make a marginal new high while putting in confirmed negative divergences, setting the stage for a failed breakout / bull-trap & now appears likely to be headed to [...]
Here's an overview of the major US stock index tracking ETFs as we head into the final half-hour of trading (all shown on the 60-minute time frames). SPY (S&P 500 Tracking ETF) is challenging the previous (early Dec) highs, with most previous reaction highs often acting as resistance. Should SPY take out those highs by [...]