QQQ & SPY At or Near Key Resistance Levels

As QQQ approaches dual overhead resistance levels (downtrend line + R2), the expected reversal off that level will most likely confirm these potential negative divergences building on the RSI & MACD. The R2 level on this chart is the same resistance (R2) shown on the 60-minute QQQ chart since this post on Monday. That makes my former alternative scenario now my primary scenario as shown on the updated 60-minute chart below.

QQQ stock chart

QQQ 15 minute Nov 18th


Also worth noting is the 13/33-ema trend indicator, which is still bearish for now so the Q's either get rejected off these dual resistance levels, keeping the sell signal intact, or they breakout, flipping this trend indicators to bullish (60 minute close required).

QQQ 60 minute 2 Nov 18th

QQQ 60 minute 2 Nov 18th

Nov 18, 2015 12:07pm|Categories: Completed Trades - Short, Equity Market Analysis|Tags: , , |Comments Off on QQQ & SPY At or Near Key Resistance Levels