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QQQ & SPY Near-term Outlook

QQQ testing the former failed 'breakout to new highs' resistance level. With the wedge just too high for a backtest at this point, I favor a resumption of the downtrend from around current levels.

QQQ 30-min April 10th

QQQ 30-min April 10th

SPY is still trading well below the 30-min rising wedge pattern while at the top of the 2-day trading range from Thursday & Friday. Could turn down here (favored scenario) or possibly make a run to backtest the wedge before continuing lower.

SPY 30-min April 10th

SPY 30-min April 10th

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Apr 10, 2017 9:58am|Categories: Equity Market Analysis|Tags: , , , |2 Comments

2 Comments

  1. Teeps01 April 10, 2017 10:04 am at 10:04 am

    Hi Randy
    Do you have a near term view on IWM as well?
    Thanks

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    • rsotc April 10, 2017 10:13 am at 10:13 am

      IWM still trading smack in the middle of this large & tight sideways trading range since early December although it is at resistance (136.90) so is likely to reverse & so far has pulled back some after tagging that level.

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