TrendSpider_Jake
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A look at the QQQ and price/indicator action details below:
1. The price of QQQ looks wildly similar to the SPY. Price tested the SMA (20) in the middle of the megaphone channel perfectly on Friday. The other two times this happened, the price eventually broke to the upside to test the trendline above or just below it but then reversed hard to the downside after.
2. The Vortex indicator VI- is converging towards the VI+ which has shown about two more bullish days after the cross before a reversal.
3. The MACD continued to have a bullish crossover with the bearish kiss on Thursday a bear fakeout.
4. The Williams %R is breaking out through the resistance Trendline above with more upside left into overbought territory.
1. The price of QQQ looks wildly similar to the SPY. Price tested the SMA (20) in the middle of the megaphone channel perfectly on Friday. The other two times this happened, the price eventually broke to the upside to test the trendline above or just below it but then reversed hard to the downside after.
2. The Vortex indicator VI- is converging towards the VI+ which has shown about two more bullish days after the cross before a reversal.
3. The MACD continued to have a bullish crossover with the bearish kiss on Thursday a bear fakeout.
4. The Williams %R is breaking out through the resistance Trendline above with more upside left into overbought territory.
