We are approaching a key level @84. Wouldn't press short. See if a bigger H&S forms
Q's down again on heavy volume as sellers just want out and price isn't that important. All the shorter term MA's are pointing down and the 20MA has crossed down through the 50MA. That hasn't happened since July of 2013, but by the time that did happen Q's had bottomed and were on the way up so that 20/50 cross didn't mean much. This time is different. At this...
This EMA 50 line has evolved from a support to the resistance. There was too much distance from this MA 200 line. The bottom border of a new trend coincides with the MA 200 line.
Bears are firmly in control of the Q's I do look for a relief rally now though as we go into earnings. This selling may be a head fake to fake out the weak longs. Dr Elder would say the bears are too depressed now using his force index indicator, LOL By adding capital at the bottom of todays low this should keep you out of a bad trade in the event it turns up It...
My best guess on the coming correction based in historical percentages over 10%
Q's down big on four times average volume which suggests selling exhaustion for now. We could easily see a bounce to the falling trend line and maybe another failure to break through. I haven't drawn in the lower, parallel trend line due to clutter, but this looks like a big bull flag to me. We drop into the 82's and then this morphs into a down trend. At this...
Simple. Q's close above $90 and look for for a test of swing high of 91.15. If this happens, then Q's will reassert themselves as market leader and will drag all other indexes along with them. I don't really know if this is going to happen but based on the action over the last two days and with $SOX index closing at a new high, it looks likely. GL
How the QQQ handles the oversold condition, will decide if the upward trendline can finally be broken.
86 of the $NDX's 100 components closed in the red today. Amazing that Q's only closed down 1.14. Q's now in confirmed A-B-C down after clearly breaking the B point. I've drawn in the possible course they might take on their way to the $83.50 area but I really have no idea about whether or not they're going to bounce. They might just drop straight down, though it...
Ok, so just like previously posted SPY H&S possibility, here's QQQ possible H&S setup (they're pretty much identical for all practical purposes). H&S wouldn't be confirmed until QQQ drops to around 83.5-84ish area to form neckline, then move back up to form a right shoulder (possibly 88-89 area (?), then breaking down back through neckline. Time will tell! NOTE...
From Here to 95 $NDX $NQ_F
My levels might be slightly off, but since we are establishing a first touch of 2000 crash levels of support lost that initiated the crash... we will fail and retest support gained that brought us here.