In March, the Nasdaq (QQQ) was showing a daily squeeze that fired to the upside. Using my Big 3 histogram, we can see the missing piece of the puzzle, the positive cross on the momentum histogram above the zero line, which provided support higher.
For a daily squeeze to fire long, it was the perfect recipe. After a consolidation period, QQQ is now showing another daily squeeze. This time, momentum is breaking under the zero line, showing momentum for the bears.
In the video above, we’ll break down the daily squeeze on QQQ and the structure on the S&P 500 on the lower time frames. Let’s see if the market will fall apart and roll over, or turn the corner and shift the momentum back towards the upside.
Stay Focused!