$SPX, $QQQ & $PLTR: Momentum Holds, But Warning Signs Are Emerging

SmartReversals
06-01 06:37

Markets continue to grind higher, but bearish RSI divergences and overbought conditions are beginning to appear beneath the surface.

While $SPX and $QQQ are showing increasingly indecisive price action, $PLTR remains a standout with a strong technical breakout that could extend higher if software stocks take leadership next week. ๐Ÿ“ˆ

1. $S&P 500(.SPX)$

Indecisive price action again (doji), printing a bearish RSI divergence with both peaks locked in overbought territory.

Will weekend news arrive to fuel momentum again, or is the market simply widening this structural divergence before a pullback?

2. $Invesco QQQ(QQQ)$

Indecisive daily price action, an overbought RSI divergence, and a gap sitting below at $722.

With no major geopolitical news fueling the tape this weekend, a consolidation or a pullback is highly possible here. The volume shelf is a strong demand zone.

3. $Palantir Technologies Inc.(PLTR)$

Beautiful diagonal breakout. If software takes the lead next week, this structure can easily run to 165โ€“170 based on the volume profile.

Keeping this one mapped closely for subscribers on our permanent watchlist.


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