Recently, QQQ reached our price target of 290 USD. Therefore, we would like to update our thoughts on the asset. We continue to be bearish due to the persistence of fundamental and technical factors. Indeed, we think the U.S. stock market will continue lower. Accordingly, we maintain the price target for QQQ at 280 USD. Our price target for the Nasdaq 100 index is 11 000 USD.
Illustration 1.01 The bearish crossover occurred as we predicted, confirming our bearish thesis.
Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all 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 be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Personally, I often read your articles repeatedly, not only to read the latest ones, but also to compare with previous articles to see if there are any updates caused by market changes. The persistently strong USD demand is also a clear sign of the strong macroeconomic uncertainty dominating the markets and will cause any recovery attempts to be met with profit-taking for the time being. I fully agree with your idea of expecting the further losses in the coming weeks, it will be also a historically poor time for stocks.
Tradersweekly
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@AngelaCat, Thank you again so much for your sweet words! I agree this time will be very poor for stocks.