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SPY & QQQ Rising Wedge Breakdowns

SPY (S&P 500 tracking ETF) has broken down below the 30-minute bearish rising wedge. Now awaiting confirmation via a bearish cross below the zero line on the MACD 9-ema as well as a bearish cross of the 26-ema below the 66-ema. Additional confirmation will come on a bearish cross of the 13 & 33-ema pair on the 60-minute time frame.

SPY 30-minute May 10th

SPY 30-minute May 10th

QQQ (Nasdaq 100 tracking ETF) has broken down below this 30-minute rising wedge pattern. Now awaiting:

  1. A break & 30-min close below the 137.85 support level
  2. MACD 9-ema to cross below the zero line to indicate the short-term trend has flipped to bearish
  3. 26/66-ema pair histogram to cross below the zero line to indicate the S/T trend has become bearish
QQQ 30-min May 10th

QQQ 30-min May 10th

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May 10, 2017 10:55am|Categories: Equity Market Analysis|Tags: , , , |3 Comments

3 Comments

  1. ben711 May 10, 2017 11:42 am at 11:42 am

    Next week is options expiration. “They” usually drive market down to sell some premium in the week prior.

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  2. snp May 10, 2017 11:53 pm at 11:53 pm

    waiting for confirmation lets the entire trade slip by. since when does the market go down? 2015?

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  3. snp May 11, 2017 12:06 am at 12:06 am

    2506. big top. you heard it here first.

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