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$QQQ and $SPY Stop Recent Decline | Midday Market Minute | 5.23.22

Posted: May 23, 2022, 12:47 p.m.

Stocks are rebounding nicely off of the lows from Friday, but at the end of the day, we NEED a close above previous highs to continue strength. There are positive signs on a bottom, as the S&P got back above the overnight high (3955, and stuck its head above 3975), our next level of resistance. One thing to note is the Nasdaq has NOT followed suit, trading below the overnight high as of writing.

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Crude Oil has remained above resistance, paving the way to higher highs after consolidation.

Gold & Silver are trading off of their highs, but they are building constructive bases. This comes from positive tailwinds of a declining US Dollar. From a Market Technicians perspective, the US Dollar has reached the .382 Fibonacci Retracement Level (Drawn from the contract highs to the January lows). This aligns closely to the breakout level of 100.50.

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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

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