Just an interesting study using arcs and Fib retracements. Using BRK for an overall proxy for our markets to gain insights as to if we may be nearing a generational top. This chart suggests to me that we may be closer to some sort of top than we are to the beginning of a new secular bull market as some have suggested.
This chart shows major indexes broke out late 2013 and past resistance became new support. This may be significant and signal a possible long lasting bull market.
Long over 21.70 via Dec 22-24 calls. Earnings coming up next week. Will trim half prior.
Took a long position via DEC calls above 46.45 (0.5 retrace) with a short term target of 52.50 (breakout/breakdown point) of this weekly view.
Classic example as to why you shouldn't listen to the sell-side & mainstream media...
QQQ is still in high levels - longer term uptrend is not yet broken. As volatility has picked up recently, this correction might go deeper. This wouldn't surprise me, even if I don't like to short QQQ here.
FB Double top trade will be trigger if break and close below 71.23 in strong volume. Then likely target for FB is to be 66.60 (200MA)
Hope it bounce so that I can short it... but you never know..look at XOP chart no bounces at all.
Looking for market to complete wave 5 of the elliott wave formation before a rally back to the high or at least close to it. we may have a wave 4 bounce here. but to soon to be buying the dip here
If QQQ drops below 12 mths average (now at 91.55), this has a good chance to play out. Sit tight.
$QQQ The level everybody wants! Don't think we will close below $91.29 but around that area would be a good spot to start picking individual names for long trades.
It could test lower Trendline.
QQQ seems to be near its lower support channel trend line for the new bear trend that it has entered. While a trend reversal for QQQ seems ulikely, a slight bounce from the lower trendline could trigger a bounce in some of the equities that took a hard hit during the last week. There are no major economic news/reports on Monday, which means that the lower...
QQQ doesn't look very bearish until now. QQQ is the only chart where the current correction looks like a small dip compared to IWM and SPY. Let's see how this chart will develop. I don't like to go short here (nor long) because the volatility could rise further. I don't want my fingers get burned here.
QQQ is trading near its 50 day moving average. Bottom formation possible. I'm looking for a run to 200 ma. Around 92. Will go long at that level for a move toward 98.
Make or break time. Can earning support the Tech stocks?
Caution advised, we are not totally out of the woods yet. Better wait for confirmation. Don't chase the market just because you're afraid of missing out a few ticks. Sky is the limit, there's plenty room to run if it did confirm.
Continue to trade levels indicated, there are supply and demand levels at every corner for big markets.