Comments on: QQQ & FAAMG Stock Analysis 6-22-17 (video) https://rightsideofthechart.com/qqq-faamg-stock-analysis-6-22-17-video/ Stock Trading, Investing & Market Analysis Thu, 22 Jun 2017 20:08:38 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: rsotc https://rightsideofthechart.com/qqq-faamg-stock-analysis-6-22-17-video/#comment-3574 Thu, 22 Jun 2017 20:08:38 +0000 http://rightsideofthechart.com/?p=182675#comment-3574 QQQ struggled with the 141 resistance level for a couple hours after this video was published then sold down into the close once it was clear that resistance level could not be taken out. QQQ closed at 140.68, only slightly below on relative basis so this battle will have to be continued tomorrow.

The majority of sectors within the S&P 500 closed red or virtually flat today with only healthcare & telecom posting half-decent gains of 1.02% & 0.67% respectively to give the SPY a virtually flat (-0.05%) close. XLF (financial sector ETF) closed right on top of the recent multi-month trading range for a backtest. As such, any more downside will reflect a failed breakout while a sustained rally off this level will signify a successful backtest of the breakout/trading range.

]]> By: rsotc https://rightsideofthechart.com/qqq-faamg-stock-analysis-6-22-17-video/#comment-3573 Thu, 22 Jun 2017 18:27:00 +0000 http://rightsideofthechart.com/?p=182675#comment-3573 Following a very brief & minor overshoot of that key 141.00 resistance level, QQQ came right back down to it like a magnet & is currently testing it. Just over 1.5 hours left in the trading session as I type so I’ll be watching to see if QQQ can manage another thrust higher to print a solid close above 141 or a move back down well below that level, which will have signaled a failed attempt to break above it (my preferred scenario). If they manage to park the Q’s right around that level at the close today we’ll just have to see how it follows through tomorrow.

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