QQQ needs a weekly close above 171.10
Currently sitting on 2 trendlines from 2008/09 that form a wedge. A throwback here from the bottom TL would propel QQQ back into the channel shown and into IMO at least a .382 retrace of the current rally. It can still try again next week, but with SPY about 5 points away from 281 and major resistance, I dunno how many people are gonna wanna stick around for a just a few more pts if it fails this week.
Weekly accumulation indicator has gone flat for the past 2 weeks and Chaikin bounced off 0 and is turning down... despite price having rallied 10pts in that time. Volume is still drying up as it has done for the past several weeks. Also today was the first time during this rally that bearish divergence can be seen on the daily RSI... which probably triggered the late dump in the last 15min when the algos realized that divergence was inevitable at that point.
Interesting note: the depicted channel would form the necklines of either an inverted H&S if it were to pullback then turn back up, or a larger H&S that would basically cement a bear market.
Weekly accumulation indicator has gone flat for the past 2 weeks and Chaikin bounced off 0 and is turning down... despite price having rallied 10pts in that time. Volume is still drying up as it has done for the past several weeks. Also today was the first time during this rally that bearish divergence can be seen on the daily RSI... which probably triggered the late dump in the last 15min when the algos realized that divergence was inevitable at that point.
Interesting note: the depicted channel would form the necklines of either an inverted H&S if it were to pullback then turn back up, or a larger H&S that would basically cement a bear market.