Commentary

7/24/20 xCC

SPY Weekly

Moving back to the top of the rectangle. Today is lipstick day. The three week structure seems flimsy. The black horizontal line and red 52 week moving average probably vaguely define some kind of summer range.

QQQ Daily

Dark Cloud Cover worked for a change, but it doesn’t have a reputation as the gift that keeps giving. The area around 18 day moving average has provided support during the run up, but that is quite transient.

Weekly QQQ

Weekly QQQ shows the relative recent weakness of QQQ. A bad lipstick day could have the bodies of the last 2 weeks engulf the break out attempt from the week before. The problem for short term investors is that 240 is the 13 week moving average. A move down there is relatively minor but is a lot of heat for longs to absorb.

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