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A quick look a the leading US stock indices

The recent price action on QQQ could not be any more bearish: A breakdown & successful backtest of the bearish rising wedge, followed by a break of the 108.46 support level & a perfect backtest before moving impulsively lower. No to mention the confirmation via various trend indicators flipping to bearish.

QQQ 60-minute April 29th

QQQ 60-minute April 29th

SPY sell signal has been triggered on a break below the 60-minute uptrend line:

SPY 60-minute April 29th

SPY 60-minute April 29th

Awaiting a break of this 60-minute uptrend line for the IWM to play a nasty game of catch-up to the downside as it finally gets the memo that "the other" risk-on/risk-off index, QQQ has long since broken down:

IWM 60-minute April 28th

IWM 60-minute April 28th

MDY (mid-cap etf) sell signal will come on a break below this uptrend line:

MDY 60-minute April 29th

MDY 60-minute April 29th

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Apr 29, 2016 10:44am|Categories: Equity Market Analysis|Tags: , , , , , , , |Comments Off on A quick look a the leading US stock indices