April 12, 2021

To gain an edge, this is what you need to know today.

Hesitation At Resistance

Please click here for a chart of Nasdaq 100 ETF (QQQ).

Note the following:

• The chart shows that Nasdaq has rallied right to the resistance level.
• The chart shows that RSI is very overbought.
• The chart shows that the volume during the rally is relatively low.
• Nasdaq is experiencing a slight hesitation. Such hesitation is common when the foregoing three conditions are met.
• It is likely that there are stops of short sellers right above the resistance line shown on the chart.
• Expect bulls to attempt to take out the stops.