SPY & QQQ Test Downtrend Line Resistance

Market commentary remains light as I'm on vacation this week but even if I were back home, I'd probably refrain from trading as this abbreviated holiday week is typically marked with low volume & increased whipsaw signals. I'm also struggling to find anything worth mentioning as I haven't noticed any significant technical developments this week other than the fact that both SPY and QQQ tested their primary downtrend lines today following the recent bearish cross below the zero line on the MACD signal line on both (a fairly reliable trend indicator; bullish when the 9ema is above the MACD zero line, bearish when below)


Jul 7, 2016 12:46pm|Categories: Equity Market Analysis|Tags: , , , |1 Comment

One Comment

  1. tmeyaart July 7, 2016 1:48 pm at 1:48 pm

    Agreed. My positions seem to be going nowhere with the exception of the miners lately.


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