The scenarios outlined with the dashed orange lines on the 60-minute chart of QQQ, SPY & IWM highlight my expectation for a pullback ranging from at least 1½-3% from the recent highs with a move down to as low as the 240.50ish level on the SPY quite likely. As we are now thick [...]
Watching for a second 60-minute close (11:00am) below this price channel on SPY as well as the first 60-min close below the comparable channel on QQQ. Keep in mind that today is standard options expiration (OpEx) as the markets have a tendency to rise into OpEx, often starting a pullback the following week. Previous & [...]
Awaiting a break below these ascending price channels in SPY & QQQ following these most recent divergent highs on the 60-minute charts below:
The following video covers some of several recent technical developments on the 60-minute chart of QQQ, the Nasdaq 100 tracking ETF, as well as couple of longer-term developments towards the end of the video. The three current charts covered in the video are posted below with the previous two charts on the $SPXA200R & the [...]
An overview of several near-term trend indicators on QQQ & SPY.
The following notes & charts highlight my outlook, including price targets for SPY (S&P 500 tracking ETF) along with the tracking ETFs of the four largest sectors with the S&P 500.
High-yield, aka 'junk' bonds, which are highly correlated with the stock market & not with other bond classes, have made an impulsive breakdown below this large bearish rising wedge pattern in HYG (High Yield Corporate Bond ETF) which also makes the recent breakout a failed breakout, i.e.- bull trap. As the performance of junk bonds [...]