Bullish Outlook With Pullback Risk

QQQ broke above key resistance levels with a strong close above 680 on May 6 while SPY also showed momentum pushing past 730

Both ETFs remained above their 20 and 50 EMA lines throughout the period showing intact uptrends

EMA5 and EMA9 held above price on May 6 signaling short-term bullish momentum for QQQ and SPY

VIX declined from 18.29 to 17.39 over the last three sessions indicating falling fear and confidence in continued uptrend

The recent price action suggests extension of the rally but some exhaustion signals such as TD Sequential countdowns remain watch points ahead of potential consolidation

Disclaimer: Nothing you read on this site should be considered as financial advice. Do your own research and take responsibility for your own decisions.

Source: Claude 3.5 Sonnet

Ticker: QQQ

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