As is most often the case with initial tags of support from above, the Q’s have bounced following yesterday’s tag of this previously highlighted uptrend line. With my short-term indicators solid on sell signal, my expectation is that today’s gap will soon be faded with the Q’s going on to break below the trendline & continue down towards the 100 target.
QQQ daily May 1st
IWM, like the Q’s, is experiencing a reaction following the initial tag of the top of the support zone which occurred shortly before close yesterday. My expectation is that any further upside from here will be limited in both time & scope (i.e.- We will likely take out Friday’s lows either today or early next week).
IWM daily May 1st