Super Bowl Sunday sidelined my post leading into the week
QQQ still sits at a crossroads... The levels to watch the past couple of weeks have largely been just that ... key levels that when the price approached, it reacted appropriately as support or resistance.
$222.75 a key level halted QQQ's rise today as price action maxed out briefly at $222.88 but quickly receded to close below the resistance level.
There is no clear trading signal at close...
Signs To Watch:
1) Im leaning towards a downward move back towards a downward move back towards the white trend line; here we have an objective short opportunity provided the price does not gap up...
2) A break of the white trend line would give way to further downside of 215.25
Caution:
Price action sits on a resistance line; a gap up above the 222.75 resistance could fuel a run up to near All Time Highs
Alternatively, an opinion near where the market closed today would give us a wait and see signal. We wait for a confirmation of the indicators to see if we move up above resistance or down towards support.
The MACD says the momentum is very neutral. The EMAs are near equal thus not giving us much to go on.
Happy Trading!
QQQ still sits at a crossroads... The levels to watch the past couple of weeks have largely been just that ... key levels that when the price approached, it reacted appropriately as support or resistance.
$222.75 a key level halted QQQ's rise today as price action maxed out briefly at $222.88 but quickly receded to close below the resistance level.
There is no clear trading signal at close...
Signs To Watch:
1) Im leaning towards a downward move back towards a downward move back towards the white trend line; here we have an objective short opportunity provided the price does not gap up...
2) A break of the white trend line would give way to further downside of 215.25
Caution:
Price action sits on a resistance line; a gap up above the 222.75 resistance could fuel a run up to near All Time Highs
Alternatively, an opinion near where the market closed today would give us a wait and see signal. We wait for a confirmation of the indicators to see if we move up above resistance or down towards support.
The MACD says the momentum is very neutral. The EMAs are near equal thus not giving us much to go on.
Happy Trading!
