Very similar levels compared to beginning October 2018, which subsequently saw QQQ drop more than 20%. Running a price relative against
TLT
saw QQQ run one standard deviation ahead of TLT, which saw similar price movements prior to the big retracement between October 2018 and end December 2018. This time however we find QQQ substantially more OVERBOUGHT against its 14-day RSI.
QQQ flirted with the 8-day Moving Average (EMA) a few times on Friday, but still manage to close above the MA for now. A break and close below these levels could see QQQ test support at he 218.46 (21-day EMA), with a break in these levels most probably placing us back at the 50-day MA support ($212). Any long positions should consider this level as their possible stop-loss level as a break below these putting some clear daylight between $212 and its 200-day EMA support at $196.
TLT
saw QQQ run one standard deviation ahead of TLT, which saw similar price movements prior to the big retracement between October 2018 and end December 2018. This time however we find QQQ substantially more OVERBOUGHT against its 14-day RSI. QQQ flirted with the 8-day Moving Average (EMA) a few times on Friday, but still manage to close above the MA for now. A break and close below these levels could see QQQ test support at he 218.46 (21-day EMA), with a break in these levels most probably placing us back at the 50-day MA support ($212). Any long positions should consider this level as their possible stop-loss level as a break below these putting some clear daylight between $212 and its 200-day EMA support at $196.
Trade active:
$212 target reached.