Clicky

SPY & QQQ Wedge Updates

As the largest component of both SPY & QQQ, today's earnings induced gap in AAPL has carried over to indicate a gap up in both of those major indices. With several resistance levels just over head & both 60-minute trend indicators recently flipping to bearish, let's see if today's gap is built up or faded. SPY has still yet to confirm the bearish trend indicators via a breakdown below this 60-minute rising wedge as it acted as support throughout the day yesterday.

SPY 60-min Feb 2nd

SPY 60-min Feb 2nd

On QQQ, I'll be watching for a failure of either of these two resistance levels to fail to hold on a 60-minute candlestick close & a possible move back down below the wedge today. 60-minute chart & a zoomed-in view of the 60-minute showing the resistance levels to watch for today. note: screenshots taken in pre-market and are reflective of yesterday's closing prices.

0
Feb 1, 2017 9:27am|Categories: Equity Market Analysis|Tags: , , , |Comments Off on SPY & QQQ Wedge Updates