Today the gap was filled at the beginning of the "V" (at white line on left).
237.47 is highest price on left side of "V"
Usually inverted hammer candle after a run means a reversal is coming. If stock does open higher the next day there is a good chance of a sell-off.
A very prominent gap was just filled on QQQ. This was likely a profit target for many traders. What's next?
1. NASDAQ has retraced more than .78% of the move which usually indicates that this is not a counter rally, rather a rally towards a new high.
2. The trend is undoubtedly bullish.
3. Tech has been leading the rally and QQQ/NASDAQ is heavily...
the ROC shows fading momentum Macd showing weakness. near resistance lines . i dont think this name will go above 237 since most of the names that makes up this index are severely overbought . i will be looking to short this name ONCE it falls below that GREEN trendline about ~225 could be higher if this rally gets extended for more days. if it continues...
QQQ is on a massive daily ascending channel that started in March. Ascending channels are typically bearish (on top of that, take a look at the RSI divergence), but we've seen that not materialize in SPY before.
Is tech going to continue to push higher, or is this the right take to take profits?
There are some ridiculous growth stock charts out there, with longs leveraged and positioned at weak entries where they can easily be shaken out, causing a cascading selloff in Nasdaq. I'm concerned here, so I hedged my portfolio using futures shorts, looking to add more to Nasdaq shorts to be net short here. There's risk of a deflationary bust now, as gold...
1st Possible Top: Nasdaq has currently retraced 50% of the candle that made the last all time high. Many traders who trade candle stick patterns will take profit on the next candle that retraces half way up the wick of the topping candle and this is exactly the setup we have here.
2nd Possible Top: There is overhead resistance from an ascending trend line and...
Generally how I see QQQ momentum looking like for V recovery with the pull back re-test. Looking really bullish with V recovery in progress and price above the price volume profile there should be little resistance above. Last 2 days had nice buying volume, ideal and close above what looks like a fairly significant price level. Looking at the 1.272 fib extension
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