US stocks, led by mega cap tech companies and the NASDAQ writ large, started 2024 on a hot streak. But as momentum slowed, an arc pattern supporting the market became clear, only to be decisively broken. Analysis of key support and resistance levels provides price targets for the coming weeks.
My dear subscribers,
My technical analysis for QQQ is below:
The price is coiling around a solid key level - 431.06
Bias - Bearish
Technical Indicators: Pivot Points Low anticipates a potential price reversal.
Super trend shows a clear sell, giving a perfect indicators' convergence.
Goal - 423.50
About Used Indicators:
By the very nature of the supertrend...
Classic trend reversal retracement
-Bear flag directly into one of the last imbalances (on 30m timeframe)
- Breakdown to 393 area very possible in the next month or two
- ~10% drop from current levels, would put QQQ squarely in correction territory
- Upside is that 393 area looks to be a very strong (and fresh) support
NASDAQ:QQQ Bear Flag to the 200DMA
Do in last night’s video I went over this in much more detail, but before I take the bear flag off of my chart I want to publish it to see how it plays out. And the bear flag also looks like the handle to an inverted cup and handle. 200DMA is a very real target.
The chart posted is what I see forming within the correction phase . as you can see the Dia and Iwm are showing some real sights of weakest the game of musical chairs one by one drop off So far best of trades Wavetimer
My dear followers,
This is my opinion on the QQQ next move:
The asset is approaching an important pivot point 414.64
Bias - Bullish
Technical Indicators: Supper Trend generates a clear long signal while Pivot Point HL is currently determining the overall Bullish trend of the market.
Goal - 423.93
About Used Indicators:
For more efficient signals,...
Here is what I am looking for next week. The monthly profile for this month still has some poor structure below to repair, and I believe the $434–436 area for NASDAQ:QQQ and SEED_ALEXDRAYM_SHORTINTEREST2:NQ will be crucial for bears to hold for a higher low.
GENERAL COMMENTS
Today, the Federal Reserve maintained its interest rates unchanged, highlighting the ongoing challenges in curbing inflation. Initially, this announcement propelled the markets upwards, but a sharp downturn occurred in the final hour, leading to a decline as the day concluded.
The erratic market behavior demonstrated today makes it increasingly...
QQQ had a bad week last week after trying since February to break long term resistance of the Blue trading channel. There was a lot of momentum but ultimately after being squeezed between resistance of the blue channel and support from black channel midline, it was time to take profit for the big guys. Clearly, inflation readings and uncertainty about interest...
going over our main stocks looking for clues as to what the market wants to do. going to do a review based off the hourly chart for our main focus group daily now after lunch.
going over our main focus list stocks Morning & Overnight session looking for clues and talking which are the strongest & weakest and which we should be focused on.
QQQ on the daily chart hit a hpivot high on 3/21 followed by a slight downtrend of 1-1.5 %
overall this past week. Buying volumes are low. The Price Momentum Oscillator has
reversed to bearish and the Raltive Trend Index has entered the chop zone and is heading
bearish. Price is presently one standard deviation above the intermediate-term anchored
VWAP....
QQQ is dancing on a high wire, a Golden Genesis fib at $422.93
Failure here could indicate top is in, so this is a key level here.
Just below is a fib confluence at $418, last stop before SERIOUS dip.
It is PROBABLE that we orbit this fib for a while.
It is POSSIBLE to bounce here and keep going up.
It is PLAUSIBLE a bull trap / distribution is done.
Here is a...
... for a 4.30 credit.
Comments: Targeting the <16 delta strike paying around 1% of the strike price in credit to emulate dollar cost averaging into the Q's.
Adding at a strike better than what I currently have on in August ... .
