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QQQ & SPY Impulsive Selling Following Failure at Resistance

Very impulsive selling following the failure to regain the key resistance / failed breakout level increases the odds that QQQ will soon go on to break below the 130.13ish "should do the trick" support level. Yesterday's & today's updated 30-minute charts:

SPY preferred scenario playing out as SPY continues lower following the recent bearish rising wedge breakdown & brief period of consolidation. The 223 level could come into play as minor support although I expect any reaction to be minor & fleeting. Previous & updated 30-minute charts:

IWM remains well within its 4+ month sideways trading range although it still appears that a downside resolution is the most likely scenario. 120-minute period chart:

IWM 120-min April 11th

IWM 120-min April 11th

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Apr 11, 2017 11:03am|Categories: Equity Market Analysis|Tags: , , , , , |1 Comment

One Comment

  1. rsotc April 11, 2017 1:28 pm at 1:28 pm

    SPY reversed just shy of the minor support with the reaction just a bit more in scope than I had expected but not in time so far. Red dotted horizontal line + yellow uptrend line are resistance which SPY is now likely to reverse just shy of, thereby making the reaction (bounce) off the minor support both minor (~0.7%) & fleeting (~2 hrs) if that proves to be the case. Updated 30-minute chart:

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