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Near-term Analysis for SPY, QQQ & IWM

Here's a look at the 10-minute charts on SPY, IWM & QQQ as well as the previous 10-minute charts on SPY & IWM that were posted in the trading room on Friday.

SPY has traded sideways since the breakdown below the 10-min ascending price channel posted in the trading room on Friday but appears ready to break down below that range & move impulsively lower soon.

IWM has already fallen over 1% since the breakdown of the parabolic trendline posted in the trading room on Friday & will likely hit that near-term pullback target soon where the odds for a reaction are decent but largely dependent on where the large caps (SPY, QQQ, DIA) are trading at the time.

I didn't post a 10-minute chart of QQQ on Friday as I'm not crazy about this uptrend line & while I have a good read on the 60-minute charts of QQQ & the FAAMG stocks, my read on this 10-minute chart of QQQ isn't as clear as SPY & IWM although I would expect that they will drag the Q's down with them soon. The chart patterns & technical developments on the QQQ 60-minute time frame & especially the 60-minute charts of the market leading FAAMG stocks are so clear that I plan to follow up with those charts soon, possibly in video format.

QQQ 10-minute June 5th

QQQ 10-minute June 5th

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Jun 5, 2017 11:44am|Categories: Equity Market Analysis|Tags: , , , , , |4 Comments

4 Comments

  1. rsotc June 5, 2017 12:06 pm at 12:06 pm

    Pullback target hit on a 1 1/2% pullback in IWM:

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  2. snp June 5, 2017 1:57 pm at 1:57 pm

    where is that parabolic line tool in tc2000? nice!

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    • rsotc June 5, 2017 3:05 pm at 3:05 pm

      Stockcharts.com & some other charting platforms have a parabola line tool but TC2000, at least the version that I run, doesn’t. I added the line with my screen capture software.

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      • snp June 5, 2017 9:29 pm at 9:29 pm

        excellent. me thinks worden has a request coming…

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