July 8, 2016
By Geoff Bysshe
Yesterday the QQQ closed over the July O.R., but it is all alone.
The SPY did break its July O.R. high, but it did not close over it. This leaves the 4 market watch chart in a very mixed state. The QQQ is leading higher, with the IWM still under its O.R. low, and the SPY and DIA are in the middle.
Since the bigger picture, as defined by the market phases and price action relative to the 10 DMA, are positive, I’ll look to follow the QQQ higher if it continues. It will be important for the SPY and IWM to follow the QQQ higher if the breakout is to continue.
One factor that leads me to believe that the QQQ could be real if it continues today is that the QQQ is also clearing its Brexit range high. This may suggest that the QQQ is waking up and may begin to lead the market higher after months of underperformance relative to the SPY and IWM.
Today I posted a video about reading the alerts page. You’ll find it below and at the bottom of the alerts page.
Since the video was made today, it also covers the current state of the market watch charts, and patterns to look to trade now.
The patterns are the same ones covered in the main training video, but the video shows you how clearly you can see them on the alerts page.
Here are the examples covered in the video. Keep in mind there are more on the alerts page.
See the video for more details: