The QQQ has been struggling ever since it broke below the 9SMA on Sept 13 and has failed to get back above it.
Things to note:
- Broke back down & below BF channel (bearish)
- 9SMA curling down (bearish)
- Bounce target @ $295 coincides with 9SMA resistance
- Bear target #1 Gap @ $286.69 has been hit
- Bear target #2 Gap @ $275
- Bear target #3 re-test June low
Our gap target @ $286 has turned into a support area for these past 3 trading days. If I had to guess, I'd say there's a decent chance we get a bounce to AT LEAST the 9SMA @ $296 tomorrow before/after the FED announces their rate raise decision.
As always, my LT thesis has NOT changed. This market is bearish from a technical perspective. Things can change, but so far, they have not.
Be cautious of head-fakes here and be careful with hype. I see people saying that a 0.75 BPS hike is most probable AND priced into the market already. That is NOT a hill I am willing to die on and sounds a lot like the "insiders" who told us that U.S. CPI data was coming down in August.
The best thing you can do is avoid hype, follow the charts & listen to LeMan.
Things to note:
- Broke back down & below BF channel (bearish)
- 9SMA curling down (bearish)
- Bounce target @ $295 coincides with 9SMA resistance
- Bear target #1 Gap @ $286.69 has been hit
- Bear target #2 Gap @ $275
- Bear target #3 re-test June low
Our gap target @ $286 has turned into a support area for these past 3 trading days. If I had to guess, I'd say there's a decent chance we get a bounce to AT LEAST the 9SMA @ $296 tomorrow before/after the FED announces their rate raise decision.
As always, my LT thesis has NOT changed. This market is bearish from a technical perspective. Things can change, but so far, they have not.
Be cautious of head-fakes here and be careful with hype. I see people saying that a 0.75 BPS hike is most probable AND priced into the market already. That is NOT a hill I am willing to die on and sounds a lot like the "insiders" who told us that U.S. CPI data was coming down in August.
The best thing you can do is avoid hype, follow the charts & listen to LeMan.