Breakout Under Test: SPX, QQQ at Resistance as Leaders Reverse

SmartReversals
01-08 06:41

1. $S&P 500(.SPX)$

The breakout will be tested tomorrow, considering the intraday reversal that ended up covering more than 50% of yesterday's bullish move (bearish).

Healthcare $XLV was the only sector to close in the green today. $6,911 is the closest support level to watch.

2. $Invesco QQQ(QQQ)$

QQQ closed precisely at the diagonal resistance that has rejected price action over the last two months.

The candle suggests continuation, but if resistance holds, the strong confluence of our CWL of $615, the Volume Shelf, the 20 and the 50MAs should provide support.

3. $Lockheed Martin(LMT)$

News generally acts as a catalyst for setups. Lockheed Martin printed a high volume bearish shooting star above the Bollinger Band, with the RSI above 70.

The price had to return to the Bollinger range. $XOM and $CVX are also falling after reversal candles seen on Monday.

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