SoundsgoodTFtalks

Double Top and High comfirmed

NASDAQ:QQQ   Invesco QQQ Trust, Series 1
Chart: QQQ daily and 4 hrs
Chart: SPY daily and 4 hrs
The stock market had a mostly negative disposition yesterday, digesting a slate of weak economic data and disappointing earnings results from Tesla. Bank stocks were also a big drag on the broader market yesterday following several earnings misses from regional banks.
As mentioned yesterday, if the market break yesterday's low, then it's a clear pivot high confirmed.
From the charts, QQQ 4 hrs gave a double top pattern which looks weaker than SPY. And 21 EMA from daily provide some support for QQQ and SPY, in today's pre-market trading all US indexes are on a downturn. Therefore, it might be hard to trade short side like yesterday. But if you already have some short positions, then it's better to hold longer.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.