QQQ Faces 5% Downside Risk as SPY Tests $680–$690 While UAMY Locks Gains

PeterDiCarlo
03-11 16:06

Markets are approaching a key macro test with inflation data ahead.

QQQ is nearing a potential rejection zone with downside risk building, SPY is approaching a critical resistance band, while UAMY remains bullish even as profits are partially locked in after a strong run.

1. $Invesco QQQ(QQQ)$

Heading into tomorrow’s inflation data and this still looks like a trap on $Invesco QQQ(QQQ)$ .

Monthly BX remains bearish. Most bounces from here have led to lower highs and more selling.

Price is also pushing into the Daily Bias, which is bearish right now.

In a downtrend, that level often acts as resistance.

I’m prepared for about 5% downside over the next 30 days.

Hoping this doesn’t happen, but if $QQQ is going to reject, it will be between $610-> $620

2. $SPDR S&P 500 ETF Trust(SPY)$

$680 -> $690 is the level to watch for $SPY

3. $United States Antimony(UAMY)$

Locked in more profits on $UAMY this week 👌

The bullish confirmations are still there.

But I’m now holding ~60% of the original position after trimming into strength.

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