The NASDAQ has deviated away from the S&P 500, and $QQQ has been showing relatively more weakness compared to $SPY. Yesterday QQQ had a rejection off the yellow trendline, and today there is a second rejection forming at the yellow trendline again. I think QQQ is struggling to climb back above the yellow trendline, but I would monitor $447.50 for more breaks or rejections.
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QQQ continues trading within this range, and has rebounded from the lower end of this range around $502.60. I have $510.31 and $513.40 as my resistance levels ahead, QQQ has struggled to climb above the yellow trendline since Nov. 15.
Read MoreSPY continues to trade near resistance around $601, and has already formed numerous rejections this week. SPY is currently trading above the yellow resistance line, and I would monitor to see if the price remains above $600.83. So far SPY is looking bullish and could trade above $600 for the day.
Read MoreRGTI has reached my resistance target at $3.47, and there has already been some selling at this price level. I would be cautious of a selloff here, I think RGTI likely has a pullback in the short term.
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QQQ continues trading within this range, and has rebounded from the lower end of this range around $502.60. I have $510.31 and $513.40 as my resistance levels ahead, QQQ has struggled to climb above the yellow trendline since Nov. 15.
Read MoreSPY continues to trade near resistance around $601, and has already formed numerous rejections this week. SPY is currently trading above the yellow resistance line, and I would monitor to see if the price remains above $600.83. So far SPY is looking bullish and could trade above $600 for the day.
Read MoreRGTI has reached my resistance target at $3.47, and there has already been some selling at this price level. I would be cautious of a selloff here, I think RGTI likely has a pullback in the short term.
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