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SPY & QQQ Stock Market Analysis (video)

This video covers the near-term & longer-term outlook for the US stock market via SPY (S&P 500 Tracking ETF) and QQQ (Nasdaq 100 Tracking ETF). Key support & resistance levels as well as potential developments to watch for are highlighted as well.

 

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2018-04-17T14:26:48+00:00Apr 17, 2018 2:26pm|Categories: Equity Market Analysis|Tags: , , , |4 Comments

4 Comments

  1. GetItRiight April 17, 2018 3:34 pm at 3:34 pm

    I haven’t watched the video yet, but I find it interesting how on the 15 minute QQQ chart, the negative divergences not only are they present but are already confirmed, with the histogram being under the 0 line, while on the hourly chart of QQQ the negative divergence has been burned through when looking at the MACD lines but are still there on the histogram. Which of these would take precedence?

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    • rsotc April 17, 2018 4:01 pm at 4:01 pm

      Personally, I would give preference to divergences between the peaks or troughs in the MACD or PPO over divergences on their respective histograms. However, both can be & are often used in trying to identify pending trend changes.

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    • rsotc April 17, 2018 4:07 pm at 4:07 pm

      Also, pull a 30-min chart of QQQ & note all of the high-level bearish crossovers on the MACD (or PPO). I explain what I mean by “high-level” crossovers in the video but it’s pretty self-explanatory. Now align (roughly) those high-level bearish crossovers on the MACD or PPO with overbought (70+) or very near overbought readings on the RSI. Finally, look at what happened to QQQ following those high-level bearish crossovers + overbought reading.
      Both the MACD & PPO turned down heading into the close but stopped just shy of bearish crossovers.. saved by the closing bell. Any gap down tomorrow would trigger those sell signals plus nice divergent high on the 5-min chart. As such, I took an overnight position of /NQ home with stops slightly above today’s highs.

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  2. BIGBADWOLF April 18, 2018 3:24 am at 3:24 am

    Despite divergent highs on MACD, PPO and RSI on 15 and 1 hour charts, Nasdaq futures just refuse to go down at least at this point.

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