2/10/2019 Stocks mostly flat. I’m still bearish for now.

Greetings, let’s look at some weekly charts. 

SPY weekly 2_10_2019.JPG

Here’s the weekly chart of SPY.  We still have some more upside to go before we reach strong overhead resistance in the 280-290 zone. Because of that, I think we could still go up another 10 points before starting our next leg lower. I don’t think we will reach new highs this year. 

QQQ weekly 2_10_2019.JPG

Here’s the weekly chart of QQQ. We’ve already reached the first resistance level near 175, so I suspect QQQ will drop before SPY drops (or drop more than SPY). Like SPY, I don’t think QQQ will reach new highs this year. 

Good luck trading, see you next week! 

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