Double Top and High comfirmed

21 באפר׳ 2023

Chart: QQQ daily and 4 hrs

Chart: SPY daily and 4 hrs
The stock market had a mostly negative disposition yesterday, digesting a slate of weak economic data and disappointing earnings results from Tesla. Bank stocks were also a big drag on the broader market yesterday following several earnings misses from regional banks.
As mentioned yesterday, if the market break yesterday's low, then it's a clear pivot high confirmed.
From the charts, QQQ 4 hrs gave a double top pattern which looks weaker than SPY. And 21 EMA from daily provide some support for QQQ and SPY, in today's pre-market trading all US indexes are on a downturn. Therefore, it might be hard to trade short side like yesterday. But if you already have some short positions, then it's better to hold longer.