Indexes meet resistance; 19th day of $QQQ short term down-trend

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The SPY and QQQ both hit a wall at their 30 day averages on Wednesday.   The key for me is whether they can close above this key average or head back down.   Check out this daily chart of the QQQ.   Note how the QQQ could not break above its 30 day average (red line). If it closes Thursday above this line, I would become more confident that the short term trend is reversing up.

QQQdaily10222014

4 thoughts on “Indexes meet resistance; 19th day of $QQQ short term down-trend”

  1. Dr. Wish, two days ago you were right. IBD called uptrend simply because it does not want to be LATE in calling a turn around, as the paper has often been late in the past by 4 or 5 calls when the marked turned up, and turned down. I believe this time they called it TOO EARLY.

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