QQQ 15 minute April 6th
QQQ has bounced back to the former S2 support, now resistance level, which could be the end-point for this counter-trend bounce. However, we also just triggered two previously discussed short-term buy signals: a bullish zero-line MACD cross-over on the 28-68 ema bullish cross (15 minute period). Should these two short-term buy signals prove to be whipsaws, I would expect prices to reverse by the end of the day, likely with a sell-off into the close or at the very most, a rally into the close with the reversal to come tomorrow.
The two most probable scenarios are illustrated on this 15-minute chart (yellow & blue lines), both of which I’d had to give about equal odds to at this point. Despite the somewhat the somewhat obscure near-term outlook for US stocks, the intermediate-term bearish outlook remains solidly intact at this time IMO.