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QQQ at resistance but short-term buy signals triggered

QQQ 15 minute April 6th

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.

Apr 6, 2015 12:34pm|Categories: Completed Trades - Short, Equity Market Analysis|Tags: , |Comments Off on QQQ at resistance but short-term buy signals triggered