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SPY & QQQ Fail on Backtest of Resistance

SPY reversed right on cue (intersecting trendline + horizontal resistance) yesterday & has likely started the next wave of selling which should take out the recent lows soon. Previous & updated 30-minute charts:

QQQ rejected at yesterday's backtest of resistance (red line) following a relatively minor & fleeting reaction after the impulsive thrust down.

QQQ 30-min April 12th

QQQ 30-min April 12th

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Apr 12, 2017 12:09pm|Categories: Equity Market Analysis|Tags: , , , |0 Comments

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