QQQ approaching the 178 resistance level with both the PPO & RSI at levels that have capped all previous advances in the recent past. While this does not assure that the Nasdaq 100 won’t continue to advance well beyond the 178 level before a pullback of 2% or more, it certainly increases the odds that a tradable pullback and possibly more, are substantially evelated at this time. 60-minute chart:
Zooming out to the more significant daily time frame, I’m watching for a break below this uptrend line/rising wedge pattern in QQQ for a potential swing short entry. Also, note that any marginal new high soon would be an extension on the current divergences that were in place at the June highs.
I will be returning from vacation tomorrow evening, traveling later today & most of tomorrow, with regular market analysis & trade updates/ideas to resume on Thursday. I will reply to any questions or chart requests at my earliest convenience.