40th day of QQQ short term down-trend; Indexes fail to break through resistance

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The indexes and a lot of stocks came right up against resistance on Monday and failed to break through.   The daily chart of the SPY, below, shows how the S&P 500 index could not hold above its declining 30 day average (red line). Last week’s   bounce off of   extremely oversold levels appears to be over.   I bought some QID Monday, hoping to make money as the QQQ declines. AAPL is one of the stocks that stopped at resistance on Monday, as did V, NEU and CMG.   I am in cash and/or short.

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