NASDAQ crosses key line, but not so fast yet

Tread lightly. Have patience. While the NASDAQ, as represented by the ETF QQQ (bottom chart), opened above a key line of 173.40, it did not go travel higher, and closed below its daily high. I take this as a sign of "well, it's trying to confirm a new rally, but just wasn't strong enough." Yesterday. the futures hit a key supply zone, and within a few hours fell from that zone, another key signal for me of market weakness.  

The NADAQ futures (chart above), as of 7:30 AM CST this morning, are indicating a lower open. This may -- but not always -- indicate a sightly lower open in the gneral market, below my key price for the QQQ. 

Key point here is to see what happens before going all in. Forget what the talking heads on TV say. Only the market action will tell us what will happen as the day goes on. 

Mr. Market will tell the true story. 

In other news:

Markets await Powell's Senate testimony

The Beginning is the End is the Beginning: A Look at Recessions