QQQ - Nasdaq 100 is poised to move substantially lower

We continue to be bearish on QQQ. Because of that, we would like to set a new short-term price target for QQQ at 310 USD. We would also like to set a medium-term price target of 305 USD.

Technical analysis - daily time frame
RSI is neutral. MACD and Stochastic are bearish. The same applies to DM+ and DM-. ADX reflects a strong downtrend. Overall, the daily time frame is bearish.

Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. ADX grows which is bearish. Overall the weekly time frame is bearish.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.

Comment:

NQ1!, Nasdaq continous futures:

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Trade active:

A classic bearish pattern played out.

We continue to be bearish on QQQ.

Trade closed: target reached:

Our short-term price target of 310 USD has been reached.