4/21/2019 QQQ breaks to new all time highs while SPY stays flat. Looking like more upside next week, but watch out for the weekly RSI divergence.

Hi everyone! Welcome back. 

Most indexes continue to rise, and I think we will go up next week as well. Something to watch out for is the weekly RSI divergences which hints that we are at a medium term high (weekly chart means more medium term). Logically, we have gone up a lot since December of 2018, and are due for a correction. However, markets don’t always move logically, otherwise we’d all be rich. 

I think we drift higher in the short term (a week or two), but I think we will close lower 8 weeks from now (end of June).  

Below is a chart of the QQQ with the weekly divergence highlighted. 

QQQ Weekly 4_21_2019.JPG

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