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QQQ Trade Update + SPY Analysis

So far, today's breakout above the 161.70ish level in QQQ has been anything but impulsive, with prices trading sideways on low-volume since the breakout shortly after the open. This is non-confirmation of the breakout so far plus negative divergence in place on today's breakout. As of now, the near-term trend remains bullish & I'm still leaning towards a move up to T2 (165.10 although those long QQQ might consider raising stop somewhat below the uptrend line/wedge off the April 6th lows to protect profits. 15-min chart:

QQQ 15-min April 12th

QQQ 15-min April 12th

Unlike QQQ, SPY has yet to take out its comparable resistance level of 266.90 which is has tested several times since late March:

SPY 15-min April 12th

SPY 15-min April 12th

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2018-04-12T13:32:42+00:00 Apr 12, 2018 1:32pm|Categories: Completed Trades - Long, Equity Market Analysis|Tags: |0 Comments

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