QQQ - Overheated Conditions
$Invesco QQQ(QQQ)$ - Overheated Conditions: This chart presents a similar overbought setup to the $SPDR S&P 500 ETF Trust(SPY)$ analysis posted previously. We have a confluence of reversal signs:
➡️A Doji star candle
➡️Price trading above the upper Bollinger Band
➡️An RSI reading above 70
➡️A bearish divergence with the Money Flow Index (MFI)
The 20-day moving average (20DMA) is currently aligned with the upper edge of the volume shelf. A test of this "blue line" is the minimum expectation for a healthy pullback in the current bull market.
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