QQQ continues to consolidate within the 332-336 trading range (same as the initial bounce target zone from early May) for the 3rd week with today’s rejection off the top of the range, extending the negative divergences that were in place at last week’s highs. Still leaning towards a downside resolution of the range at this time, even if the Q’s manage to rally up to a marginal new high (above Friday’s high) although we still need to see the financials & industrials break below their primary uptrend lines on the daily time frames in order to get a decent sell signal on the broad market. Until then, the most attractive swing trading opportunities remain on select individual stocks & commodities.
QQQ 60m June 7th