Not much of significance today. Price gapped up but quickly retraced below the previous resistance line of 228 to final close today at 228.25. Tonight adjusted the resistance to close.
The MACD is still in a positive position but the MACD histogram is showing signs of weakness.
Well QQQ took route three in a very aggressive way. As always, ensure you read the analysis in its entirety and take heed to the line to watch.
Similar to yesterday...
What to watch:
With the breach to new ATHs, there is no solid evidence of overhead resistance.
The MACD is showing us a strong momentum up although the histogram is showing signs of weakness.
The EMAs are still expressing a bullish signal
I suspect Monday's gap up will still be backfilled. Whether it completely fills the gap is the question and lines to watch are indicated.
QQQ itself on the 1 hr chart is increasingly losing momentum and crossed down which suggest the near term will be to the down side.
I sill lean towards QQQ eventually filling the gap but now to the area between 224.00 and 223.50 rather than 222.75 (small change)
Caution:
At market close all indicators are still positive and there are no over resistance points. There are a number of support on the way down (225.15, 224.00, 222.75). This could create lateral movement or a bounce off any of the either of the support lines. Excitement around Trumps State of the Union proved true providing bounce/gap up today but was not sustainable.
This trend as stated before has been very resilient. caution is advised in either direction until we get a clear tradeable signal
The MACD is still in a positive position but the MACD histogram is showing signs of weakness.
Well QQQ took route three in a very aggressive way. As always, ensure you read the analysis in its entirety and take heed to the line to watch.
Similar to yesterday...
What to watch:
With the breach to new ATHs, there is no solid evidence of overhead resistance.
The MACD is showing us a strong momentum up although the histogram is showing signs of weakness.
The EMAs are still expressing a bullish signal
I suspect Monday's gap up will still be backfilled. Whether it completely fills the gap is the question and lines to watch are indicated.
QQQ itself on the 1 hr chart is increasingly losing momentum and crossed down which suggest the near term will be to the down side.
I sill lean towards QQQ eventually filling the gap but now to the area between 224.00 and 223.50 rather than 222.75 (small change)
Caution:
At market close all indicators are still positive and there are no over resistance points. There are a number of support on the way down (225.15, 224.00, 222.75). This could create lateral movement or a bounce off any of the either of the support lines. Excitement around Trumps State of the Union proved true providing bounce/gap up today but was not sustainable.
This trend as stated before has been very resilient. caution is advised in either direction until we get a clear tradeable signal
