A “three pushes to high” top often develops as a leading edge of a larger, longer topping formation. This scenario may be a reliable indicator of decreasing momentum.
The way it typically forms is as follows:
1. The first push creates a new high outside the upper band.
2. The second push makes a new high and touches the upper band
3. The third push makes a...
- HUGE VIX DIVERGENCE
- HIGHER VOLUME ON RIGHT SHOLDER
- TIME OF THE YEAR IS RIGHT
- BROADENING WEDGE FORMATION
- RSI DIVERGENCE
- DOUBLE FAILED BACKTEST OF OLD TRENDLINE
- NO SUCH THING AS A QUAD BOTTOM IF WE RETEST NECKLINE
This is a Daily chart of QQQ.
With a cup patterned form but the handle is not looking like a typical pattern, I'm favouring the weak momentum to the downside.
Since this is a counter trend trade, always trade with watchful eyes and set proper stop loss. I'll also implement target profits.
It might still have another up day tomorrow, and price might touch the...
I like playing 0 day exp on options. If you do too this may be a play? Although just an idea, and a definent watch in the AM I feel like. 0 day options hold a BIG risk. I love playing $SPY $IWM $QQQ $SQQQ and a few others. BIG UPS to all the traders out there, Im fairly new to trading and if it werent for you guys out there I wouldn't have learned as much as I...
Tech stocks have been on a massive run for about a year now. They have bounced with speed off the March lows from last year's crash. It has been nothing short of remarkable. The shift from online and COVID-19 was sweeping and overnight. To some degree, it was probably great we did not that now rather than later. An overnight technology shift like that just may...
1. Pivot level is 318.77
2. Above the pivot we test/break 322.19 and start up trending into our next levels
3. Below the pivot we test/break 314.75 below the major test is 306.97- 308.46 breaking that is downtrend on the macro
Taking the bottom of the march lows and recent top - 78% retracement looks to be next point of support with MACD hugely pointing in downtrend.
hopefully we stop around 300 to 303 - considering my errors in mapping.
Yes after the pump in yields in the last days, the NASDAQ:QQQ
to NASDAQ:TLT spread did a nice correction.
This correction however, by no means ends the bullish move, nor does it even introduce a bear market.
Actually the chart now looks even more bullish and I might have sold a lot of positions too early on Friday.... :/
1. Neutral - correction within a midterm bull market
2. Resistance: 321, 326 first
3. Support: 310, 303, 295
4. Gap not filled: All Yellow Zones
5. QQQ has a lot of gaps not filled above and below. Now it is out of the yellow uptrend tunnel, which moves into a correction and consolidation. I expect a potential ABC correction with 300/295 as support. 300 can be a...
What a week for the overall indexes, alot of action to the downside, but a promising close on Friday to potentially show some signs of life. Though we did make a lower low, below the 311 level, the double bottom pattern is still "fine" per say, but some positive divergence would have been nice to see. Going into Monday, and the next week, looking for a break out...