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?
If it does it will just create my cups handle
Need more sell of. before going long. Next couple of days should tell the tale.
Continue to trade levels indicated, there are supply and demand levels at every corner for big markets.
Prefer Short with tight stop loss. If QQQ went below 98.79, will retest low at 93.89. Alternative, if QQQ went above 99.47, to retest high of 100.56.
QQQ looks to work it's way to support around 97.50.
Is the Nsadaq at a Wave (5) High ? As you can see from the Chart, MTPredictor has found that the Nasdqq is at the minimum Wave (5) WPT. And as such a decline into (at least) the MTPredictor DP from the previous Wave (4) should now be anticipated..............................
We can easily see distribution occurring. I have out lined important levels. Big Picture on Daily/Weekly/Monthly is MEGA BULLISH(even more than SPY if you can believe that). But we are approaching SERIOUS resistance at the 2000 levels. After we break out of 100... 115 will come, but it will be a slower rally as that will see a MAJOR rejection. BIG MONTHLY levels...
Q’s have broken down from this rounding top pattern on the break below this horizontal support line around the 99.00 level (now turned resistance) Unless the Q’s manage to regain that level soon, or i am anticipating for a move down to at least the 94 area, a drop of about 4.4% from current levels.
Tech's led way for most part in this market rally this summer... Especially $AAPL... but they all seem to have started bearish progression, which is when momentum slows down and allows for distribution to take over... to prepare to take market down... This is overall healthy, but important to recognize... Overall larger time frames look very bullish, so they can...
Ok - a few questions: direction? NORTH; wave? Cycle III; range? $ 112; what in the coming weeks? Alibaba IPO. It's basically everything. Cheap money results in an increase on the indices. We are waiting for a correction. www.cnbc.com www.alibaba.com
this should correct nicely first target
For complete and detailed commentary and analysis, please see our blog post published 8/1/2014: www.syncubate.com Today, QQQ closed at $95.02, sharply below both the recent $96 breakout level and the 20 day Moving Average at $95.87 (orange line on the chart). -DMI also spiked above +DMI, indicating on the daily time frame that the bears are growling and putting...
For detailed commentary and discussion, please refer to our blog post published on 7/23/14: www.syncubate.com The bald eagle can fly, but US markets seem to put it to shame, flying even higher, with QQQ taking the lead. A National Symbol change may be in order here, but I digress. Since the mid-April lows just below $84, QQQ is now up over $14. Quite a run, no...