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Rising Wedge Breakdowns on US Stock Indices

NQ (Nasdaq 100 E-mini futures) have broken down below the 60-min bearish rising wedge pattern. Next sell signal to come on an impulsive break below 6924.

NQ 60-min May 14th

NQ 60-min May 14th

QQQ also reversed following the backfill of the large March 19th gap, divergent high & trendline break. 60-minute chart:

QQQ 60-min May 14th

QQQ 60-min May 14th

Likewise, ES (S&P 500 E-minis) are starting to break below the 60-minute bearish rising wedge pattern with the next sell signal to come on a solid 60-min close below 2728.

ES 60-min May 14th

ES 60-min May 14th

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2018-05-14T13:39:23+00:00 May 14, 2018 1:39pm|Categories: Equity Market Analysis|Tags: , , , |4 Comments

4 Comments

  1. mwright May 14, 2018 2:11 pm at 2:11 pm

    where do you think the bounce will be on qqq? 168?

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    • rsotc May 14, 2018 2:36 pm at 2:36 pm

      Depends on which bounce. Do you mean the first minor bounce or THE final downside on QQQ before it reverses after the next correction? So far we had a backfill of today’s gap which was a natural & likely pivot point.
      Assuming the market takes out the bottom of that gap with conviction soon (Friday’s close), the next support where a bounce is likely is around 168.90. My preferred pullback target at this time is 168.85 where I would expect a decent bounce & quite possibly, the end to any correction that might set in over the next week or so.

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  2. mwright May 14, 2018 2:46 pm at 2:46 pm

    yeah sorry i was specific thanks

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  3. mwright May 15, 2018 12:22 pm at 12:22 pm

    nice call made 150% on my put on qqq. thanks

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