QQQ weekly - likely strong move in front of us
QQQ weekly - very interesting situation. 3 weeks ago we break out of the symmetrical triangle which is very bearish. Last 2 weeks we hammered up for now, but we are still below that blue trend line which connects COVID low, and two times in October 2022 and therefore represent a very powerful trend line.
Price action is on lower volume which is more bearish than bullish because it shows price consolidation on the low leg while we are below all major MA which is also bearish.
RSI is neutral.
MACD's positive histogram tick is smaller and smaller while the MACD line is very close to below the signal line which could be bearish.
Overall: QQQ will likely move hard next week and two. If QQQ closes the week above that rising trend line, it would represent only a fake breakout AKA a dead hook which could be an extremely bullish sign and which could move QQQ up very fast and strong toward the 280-285 area. However, if QQQ stays below the trend line it will highly likely drop like a stone in the next few weeks. So it needs to heal itself asap and move up, otherwise, we will have several red weeks.
Price action is on lower volume which is more bearish than bullish because it shows price consolidation on the low leg while we are below all major MA which is also bearish.
RSI is neutral.
MACD's positive histogram tick is smaller and smaller while the MACD line is very close to below the signal line which could be bearish.
Overall: QQQ will likely move hard next week and two. If QQQ closes the week above that rising trend line, it would represent only a fake breakout AKA a dead hook which could be an extremely bullish sign and which could move QQQ up very fast and strong toward the 280-285 area. However, if QQQ stays below the trend line it will highly likely drop like a stone in the next few weeks. So it needs to heal itself asap and move up, otherwise, we will have several red weeks.
Consistency is the key of success....