Stocks Bounce Off Support, Close at Resistance

QQQ experienced the typical reaction off the initial tag of the 104.90ish support level to close at the top of this near-term falling price channel while the MACD & 13/33ema pair histogram both remain below zero (confirming the near-term trend is still bearish).

QQQ 60-minute May 2nd

QQQ 60-minute May 2nd


Meanwhile the SPY also closed at resistance today although with a backtest of the recently broken much larger (and more technically significant) ascending price channel that contained prices for the last couple of months until Friday's breakdown. As with the QQQ, both the MACD & 13/33ema histogram remain below zero.

SPY 60-minute May 2nd

SPY 60-minute May 2nd

2017-03-08T21:19:50+00:00 May 2, 2016 6:20pm|Categories: Equity Market Analysis|Tags: , , , |1 Comment

One Comment

  1. snp May 2, 2016 11:08 pm at 11:08 pm

    three Q’s went into a bar…that’s when billiards were invented


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