Constructive Pullback, QQQ
Like SPY, QQQ showed supportive price action around 8EMA on Friday's session but looking at chart I see a little different picture. QQQ is relative weak compared to SPY and that is not a sign of Market Power, because usually Nasdaq is leading the bullish trend. The rally ended @ 370$ pivot from 2'nd February and the price tried to retake his 200MA closing the session of March, 29 little above but next session started to pullback under it.
The chart looks pretty bullish and maybe market just need a consolidation here above 350$-351$ support zone and 8/21EMA while we will watch some rotation in Tech Stocks.
Anyway, I want to remain humble and flexible, and I don't exclude that the Market can fade this rally and to continue lower. This scenario can take place if QQQ and SPY will not be able to hold their last strong performance and live above mentioned support zones...
The chart looks pretty bullish and maybe market just need a consolidation here above 350$-351$ support zone and 8/21EMA while we will watch some rotation in Tech Stocks.
Anyway, I want to remain humble and flexible, and I don't exclude that the Market can fade this rally and to continue lower. This scenario can take place if QQQ and SPY will not be able to hold their last strong performance and live above mentioned support zones...
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