The descending MA should never have produced such a strong impulse YTD. The divergence is too obvious, and boggles the mind as to why this 2017 rally was allowed to happen. QQQ is up roughly 8% this year off of the December 30th lows. CRAZY! A 5% YEAR is considered great. How are we already up this high? Makes NO SENSE!
We've now hit the top of the channel. Does it break this week? is the only indicator that should be looked at at this point. Some kind of surge that will result in new highs or a failed attempt.
This whole market, in my opinion, has fully priced in a "best-case-scenario" Trump agenda, yet he hasn't done ANYTHING. It's pixie dust nonsense and is setting up a MAJOR correction!
I closed my last short for a loss, but this week is definitely payback time... Keep your eyes on the volume!