Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Monday, January 4, 2016

QQQ Has Less Support Than SPY

The QQQ Nasdaq 100 ETF only has one channel support line below it and three channel resistance lines above it.

The QQQ's opening tick was right at the support of its four month pink downhill channel.  Just above Monday's close are the six year orange channel line, the one year green channel line and the six month blue channel line.  All three of these will be tested to see if they are firm resistance or simply hurdles that will actually accelerate the QQQ higher if it gets across them.

Trade well my friends


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