To be continued…. As the markets head into the final minutes of trading, these short-term rising wedge patterns will have to wait to next week before likely playing out for a reversal. 2-minute intraday charts of SPY & QQQ: SPY 2-minute Dec 4th QQQ 2-minute 2 Dec 4th 0 Related posts: Market Recap 7-20-16 (video) SPY: Just Filling An Ol’ Gap $VIX Holds Support & Appears to be Headed Higher Friday Morning Commentary US Equity Market Outlook 2-16-16 (video) Dec 4, 2015 3:58pm|Categories: Equity Market Analysis|Tags: $NDX, $SPX, QQQ, SPY|3 Comments You are welcome to share this! FacebookTwitterLinkedinRedditTumblrGoogle+PinterestVkEmail 3 Comments Shambo December 4, 2015 4:11 pm at 4:11 pm Hey Randy, haven’t been around this week, but I’m going home with my TQQQ short. Actually I’m still short from earlier in November — yesterday made me even, now today of course I’m negative again. Also holding my UWTI. Sentiment is so negative. 0 rsotc December 4, 2015 4:31 pm at 4:31 pm Shamboo- Hopefully both pay off soon. AAPL pulled out a stick save closing above the 200-day/40-week ema which helps the Q’s but AAPL has been closing just barely above & below that level for the last 7 weeks after clearly trading below for months following the bull market uptrend line breakdown back in early Aug. As such, AAPL is essentially backtesting that key 40-week ema which has defined bull & bear markets in the past & with AAPL still well off the May highs and already confirming a bear market since, the onus is on the bulls to start moving the stock clearly above that 40-week ema in order to dampen the case that this has been nothing but a bear market rally & 40-week ema backtest in AAPL. Regarding crude, it is starting to look “sold out”, similar to gold, with the reactions to bad news (like today’s OPEC announcement) having increasing smaller negative effects on the price of oil. Plus, a nice divergent low (daily chart) & potential double-bottom put in on USO today to boot (not to mention strong potential divergence on the weekly chart as well). My proxy for going long crude has been (and still is) as DWTI short. Underwater on it now but plan to tuck it away & add to the position unless stopped out soon. Have a great weekend. 0 Right On “Q” | Right Side of the Chart December 7, 2015 12:11 pm at 12:11 pm […] Q's are playing out as forecasted (first chart below) following Friday's late session rising wedge breakdown & prices reversing […] 0 Comments are closed.