QQQ Near-Term Short
QQQ 30 minute chart:
As stated on the 1hr chart, MACD on the 30 min chart has crossed down. Yet, it has not fully given us the EMA cross over on the 30min chart either which is reason to caution. Overnight future will make a move one way or the other and it is likely the crossover will occur tomorrow. However, wait for EMA crossover.
SPY however has (on the 30 min chart) gained mutual downward momentum on the MACD and EMAs. Would like to see the same on the 1hr chart. Caution with SPY is to watch QQQ as many of roughly 27% of SPY is in tech stocks. A swing in QQQ can stall or even swing SPY.
Happy Trading
As stated on the 1hr chart, MACD on the 30 min chart has crossed down. Yet, it has not fully given us the EMA cross over on the 30min chart either which is reason to caution. Overnight future will make a move one way or the other and it is likely the crossover will occur tomorrow. However, wait for EMA crossover.
SPY however has (on the 30 min chart) gained mutual downward momentum on the MACD and EMAs. Would like to see the same on the 1hr chart. Caution with SPY is to watch QQQ as many of roughly 27% of SPY is in tech stocks. A swing in QQQ can stall or even swing SPY.
Happy Trading
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