$SPY, $SMH & $QQQ: Is This Relief Rally Losing Steam?
The market has bounced, but the latest price action raises questions about whether buyers have enough conviction to push higher.
Three key charts are flashing caution signals.
1. $SPDR S&P 500 ETF Trust(SPY)$
We have seen solid bounces with green candles or gap-ups. Today, we saw an indecisive candle finding rejection at the 20-day moving average. Low daily volume also suggests caution for this bounce.
2. $VanEck Semiconductor ETF(SMH)$
The bounce in tech was mostly driven by semiconductors. However, that red candle shows everything but conviction, not to mention the low daily volume.
3. $Invesco QQQ(QQQ)$
The relief bounce mentioned happened as expected, now the move must prove its strength.
Worth noting: Price action lacked conviction today, reversing from the highs and volume was low.
A relief rally is not necessarily a trend reversal. With all three charts showing signs of hesitation, watch for stronger volume and follow-through before turning decisively bullish.
For now, the rebound still needs to prove itself. 🐯
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