QQQ- Bullish & Bearish Signals / Potential Trade Setups
Hello Trader, here is my analysis for the QQQ.
This week is a big week with the FED meeting on Wednesday. Pay close attention to price action leading up to that event.
- If price comes into a key level the prior day, there is the potential for another large sell-off if institutions don't like what they hear.
- It's also possible that we don't see much action until Wednesday as trades may want to wait and hear what the FED has to say.
Onto the analysis...
I've labeled the key factors that the Bulls will have to overcome if they want to have a shot at taking back control.
- Right now the Bears have full control, especially considering that we have 2 lower highs in this current trend and have yet to see the bulls make a higher low.
KEY LEVEL TO WATCH
$293 is currently the most important level. If the Bulls can't take price above that level, they are in big trouble.
- Think of it like this... Above $293 = Bullish. Below $293 = Bearish
Potential Trade Setups To Watch For
Shorts - If the Bulls can take price above $293, I will be scouting for short positions at key levels.
- It's to early to say what that is because there are a lot of factors that come into play when planning trades, however the descending trendline, ,moving averages, and prior pivot high at $310 are all levels I'm keeping an
eye on for a short.
Longs - $269 is the main level I'm keeping an eye on for a potential long at the moment. There are several things that would have to happen first for me to take a trade at that level, primarily the speed at which price comes into that
level. I will keep everyone update on this chart if a good trade entry arises.
Remember, the QQQ is currently in a downtrend and the Bears have control. If the Bulls are going to take control there are many things that must happen first. As a trader looking at this chart, we know that there is a higher probability of trend continuation to the downside until the Bulls take back key levels.
Thanks everyone and best of luck trading!
This week is a big week with the FED meeting on Wednesday. Pay close attention to price action leading up to that event.
- If price comes into a key level the prior day, there is the potential for another large sell-off if institutions don't like what they hear.
- It's also possible that we don't see much action until Wednesday as trades may want to wait and hear what the FED has to say.
Onto the analysis...
I've labeled the key factors that the Bulls will have to overcome if they want to have a shot at taking back control.
- Right now the Bears have full control, especially considering that we have 2 lower highs in this current trend and have yet to see the bulls make a higher low.
KEY LEVEL TO WATCH
$293 is currently the most important level. If the Bulls can't take price above that level, they are in big trouble.
- Think of it like this... Above $293 = Bullish. Below $293 = Bearish
Potential Trade Setups To Watch For
Shorts - If the Bulls can take price above $293, I will be scouting for short positions at key levels.
- It's to early to say what that is because there are a lot of factors that come into play when planning trades, however the descending trendline, ,moving averages, and prior pivot high at $310 are all levels I'm keeping an
eye on for a short.
Longs - $269 is the main level I'm keeping an eye on for a potential long at the moment. There are several things that would have to happen first for me to take a trade at that level, primarily the speed at which price comes into that
level. I will keep everyone update on this chart if a good trade entry arises.
Remember, the QQQ is currently in a downtrend and the Bears have control. If the Bulls are going to take control there are many things that must happen first. As a trader looking at this chart, we know that there is a higher probability of trend continuation to the downside until the Bulls take back key levels.
Thanks everyone and best of luck trading!