1/19/2019 Stocks continue upward move. Expecting downside starting next week since indexes are approaching overhead resistance.

QQQ Weekly 1_19_2019.JPG

QQQ on the weekly chart is nearing overhead resistance in the 170-175 range.  I’m expecting a drop starting next week that brings us to the bottom of the trendline near 140. This will probably take anywhere from 3-6 weeks if the index does start to drop. 

SPY weekly 1_19_2019.JPG

SPY still has more room for upside until it runs into resistance. The resistance zone is in the 275 to 280ish range. I don’t expect SPY will go above 280 during 2019. 

See you next week. 

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