QQQ - Consolidating - Bull Flag - 2021 Down 'til then
I see Qs in a downward trend with 3 week cycles that are getting narrower.
Projecting out into 2021, I think Sept-Dec will show to be a bull flag, but we have some distance still down to travel before then.
Bounce point 1 off black support line and up to green resistance will confirm trend. If be break bounce 1, a bounce off of point 2 still confirms general, but could contradict consolidation and point toward a bigger downward movement.
I was sucked into the post election & vaccine euphoria and hoped we'd started a new up trend, but we stopped at the Green Descending channel line and are quickly reverting to prior 3 week downtrend.
We still have months before the Vaccine is widely available, and it's going to be ugly until then.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
Projecting out into 2021, I think Sept-Dec will show to be a bull flag, but we have some distance still down to travel before then.
Bounce point 1 off black support line and up to green resistance will confirm trend. If be break bounce 1, a bounce off of point 2 still confirms general, but could contradict consolidation and point toward a bigger downward movement.
I was sucked into the post election & vaccine euphoria and hoped we'd started a new up trend, but we stopped at the Green Descending channel line and are quickly reverting to prior 3 week downtrend.
We still have months before the Vaccine is widely available, and it's going to be ugly until then.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
Comment:
Sadly I was wrong. Now we'll see if it tops at 292 and drops or breaks through. It'll be interesting to see if it does end up staying in a consolidation channel. Break out upward and hold the next day would be a great bull signal to me. Lost a fraction on SQQQ this morning, but quickly switched into TQQQ and doing well.
Comment:
Watching for 4 Key possible troubles spots on QQQ - 50/250 SMA X, MACD X, 294 price channel, RSI spike.
Comment:
Comment:
We turned sooner than expected, but look to have hit resistance at the trend line and headed down.
3 of 4 of yesterdays boxes checked. High RSI, MACDX, Top of Trend reached.
50/250 SMA has not crossed and still contra indicative for Bull movement.
50/250 SMA has not crossed and still contra indicative for Bull movement.
Comment:
Qs now getting squeezed between the 200SMA on 30 minute chart and the trend line. Bearish 50/250 cross, bearish RSI spike, 3rd rejection of trend line
I think we keep consolidating in a very tight range and then a big directional move comes. Likely downward.
Tech bubble may have NASDAQ underperforming S&P500 for a while, if we do see confirmation with a big impulsive drop.
I think we keep consolidating in a very tight range and then a big directional move comes. Likely downward.
Tech bubble may have NASDAQ underperforming S&P500 for a while, if we do see confirmation with a big impulsive drop.
Comment:
We keep plodding along sideways and down sandwiched between the 50 & 250 SMA and the trend line.
At some point we break one way or the other.
55% odds we go up, still over above the 50/250 SMA and they're still pointing up.
45% odds we drop, trend is down, and we're over the 2008-2012 uptrend line.
Keeping 90%+ on the sidelines for now until a clearer direction is shown.
Attempts to bet on the upside on UPRO and a rotation to SP500 have been losers.
QCLN and USD holding strong and rising overall. Individual manufacturer stocks have outperformed indexes lately (F, GE, BA).
55% odds we go up, still over above the 50/250 SMA and they're still pointing up.
45% odds we drop, trend is down, and we're over the 2008-2012 uptrend line.
Keeping 90%+ on the sidelines for now until a clearer direction is shown.
Attempts to bet on the upside on UPRO and a rotation to SP500 have been losers.
QCLN and USD holding strong and rising overall. Individual manufacturer stocks have outperformed indexes lately (F, GE, BA).
Comment:
Bounced earlier than expected on 200 Day MA. Now higher than the 9/2 top.
Looks to be headed up.
Looks to be headed up.