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IWM Wedge Breakout + QQQ Update

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IWM Wedge Breakout + QQQ Update

IWM broke out of the 60-min bullish falling wedge posted yesterday (first chart below), popping right up to & slightly exceeding the first target of 147.43 so far. Should IWM pullback from here, printing a 60-minute close back on or below 147.43, that would most likely entail QQQ moving back down to or below the 153.85 R level soon whereas a break & 60-min close above 147.43 would open the door for a move to the next target at 148.37, with QQQ rallying to challenge the previous highs.

Watching to see if QQQ can hold above 153.85 today. Any challenge of the previous (Nov 8th) highs will most likely result in a slight pop above that level, extending the negative divergences that are currently in place before they begin to manifest in the form of a lasting trend reversal (correction).

QQQ 60-min Nov 16th

QQQ 60-min Nov 16th

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2017-11-16T10:56:28+00:00Nov 16, 2017 10:56am|Categories: Equity Market Analysis|Tags: , |1 Comment

One Comment

  1. rsotc November 16, 2017 11:24 am at 11:24 am

    On a related note (largest component of both QQQ & SPY), AAPL has been struggling with double gap resistance so far today (117.18ish level), a key level to watch.

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