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US Equity Markets At Key Resistance Levels

QQQ is challenging the May 11th reaction high/top of the recent trading range while SPY tests downtrend line resistance.. key technical levels which are likely to determine the next major direction of the markets.

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May 24, 2016 10:04am|Categories: Equity Market Analysis|Tags: , , , |7 Comments

7 Comments

  1. rsotc May 24, 2016 10:17 am at 10:17 am

    Keep in mind, as posted in the trading room, these are 60-minute charts so best to wait for at least a 60-minute candlestick close above or below this recent trading before taking action (buying/selling/shorting/covering) in order to minimize the chances of positioning on a whipsaw/false breakout.

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  2. GetItRiight May 24, 2016 10:19 am at 10:19 am

    This looks like another one of those ‘whatever’ rallies, with no news to back it up.

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  3. GetItRiight May 24, 2016 10:23 am at 10:23 am

    The guy from Pivot Point Trading, whose Youtube videos I watch from time to time, was of the opinion that Nasdaq will close the gap to the 5000 level, before starting its move much lower. This could be the start of that push upwards.

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  4. Kstellish May 24, 2016 10:51 am at 10:51 am

    Would take quite a reversal on the 60min to pull this back under. Poised to stay above.

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    • rsotc May 24, 2016 11:09 am at 11:09 am

      Yes, looks like the breakout is valid, quite possibly a trend day in progress. Certainly near-term bullish if this move sticks but I’ll have to assess the charts just before or after the close as this market has been acting quite unusual lately so anything can happen today & over the next few sessions.

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  5. GetItRiight May 24, 2016 11:27 am at 11:27 am

    I think the Qs are going to march higher until the Apr 28 reaction high of 108.33.

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  6. snp May 24, 2016 2:54 pm at 2:54 pm

    @getitriight that didn’t take long

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