Wednesday, February 22, 2017

QQQ Prospects...02.22.17

Trending rallies are historically led by tech and the financials so tonight we look at the current QQQ Ponzo and VDX outlooks.  While the QQQ VDX is extremely overbought the Ponzo forecast suggests that momentum may not peter out until the 138 level.  That little pullback we saw today managed to right itself (mostly) by day's end as the FED stood pat and issued its usual mumble of possible rate hikes to come.  The financials are still in a go go mood in anticipation of Trump's new tax program and tomorrow we'll check the technicals on XLF to see if they are aligned with QQQ.