Today was a big day for QBTS, and the charts did a great job of telling the story. On the left, we have the daily chart, and the first thing that stands out to me is how well price respected support last month. That level was tested, buyers stepped in, and the stock held. That alone gets my attention, but what followed is even more important. We’re now seeing a clear higher low and a higher high, which tells me the intermediate trend has turned back up. When structure shifts like that, I want to be paying close attention.
Another key piece of evidence is volume. Today’s move came with a noticeable expansion in volume, which adds validity to the breakout we saw. Breakouts that occur on light volume are easy to fade, but when volume confirms the move, it suggests real participation and commitment from buyers rather than just a short-term pop.
If we shift to the 5-minute chart on the right, the relative strength in QBTS was obvious almost immediately. Right from the open, QBTS pushed higher while the SPY moved sideways. That early divergence was the first clue that this stock had its own agenda. Volume was elevated right at the open as well, reinforcing the idea that there was strong demand from the start of the session.
The relative strength became even more apparent around 10:30. When the SPY made a new low, QBTS did not follow. Instead, it put in a much higher low, which is exactly what I want to see when I’m evaluating leadership. Stocks that refuse to go down when the market is weak are often the ones that lead when the market turns.
Once QBTS broke above its intraday highs, it continued to grind higher and ultimately closed at its high. That kind of price action speaks to sustained buying interest. This is definitely a stock I’ll be keeping on my radar in the days to come.
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