QQQ is on a weekly chart. Only the pundits, soothsayers and headline readership volume seekers know for sure. Will not the upcoming elections prop things up? Buy in March April and May and then go away? Is this spring coming up roses or instead dandelions?
As a day trader one of our best trigger levels come from the previous day low/closing price. Well this happened to be both here on QQQ and we have a steep correction into $443 level which was the previous day low/close. We see the bear flag form back into resistance and we look to take it short here for a move further to the downside.
We are in a BULL MARKET so the risks are to the UPSIDE, one of an explosive rally as fund managers who have badly gotten the market wrong panic buy propelling the Stock market driven by #FOMO rather than reasoned analysis to far higher than people can imagine. New bull market highs should arrive during summer 2023! All whilst indecision reigns supreme on...
Using the Wyckoff cycle, NQ could be indicating it's ready for a markdown phase.
Spy is looking bullish at cmp. Targets were discussed in spy weekly. This is a swing trade with SLs 513 hourly candle closing.
It looks like momentum is back and QQQ is getting ready to break out of the trading channel. Based on the COVID rally, I think we have a chance to add another 15%.
My dear subscribers, QQQ looks like it will make a good move, and here are the details: The market is trading on 446.21 pivot level. Bias - Bearish My Stop Loss - 452.09 Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bearish continuation. Target - 435.52 About Used Indicators: The average true range (ATR) plays an important...
NYSE:RTX Well Fargo upgraded RTX yesterday and give it a $120 price target. I used this morning’s early pullback to get an early start on this one. It will not be a technical breakout until it moves over 92.81. My plan is to build an oversized position after it breaks out of this flat base. I will be patient but have a stop of no more than 3% loss. On another...
QQQ (nasdaq etf) has been uptrending for over a year (2023 to 2024). However, signs of a potential pullback in the long-term charts are showing with the price and rsi oscillator. In the long-term, a potential pullback may occur in the price, and the price could fall down to $426, $419, $400, $394 support levels. Long-term resistance levels are: $460, $470,...
I am back in $PLTR. I have an extensive post on this one which I will link below. Suffice to say I am bullish went long and manually closed the position as I did not like yesterday's action. I am back with a 1/2 size position. Lets see how it plays out.
NASDAQ:OKTA jumped over 22% at the open from earnings reported on February 29th. It had a wide range of trading that day and closed just under the open about midway through the candle. It has been digesting that big move on lower volume for sixteen “trading” days (3 weeks). I went long this yesterday on the break of the downtrend line (blue). It pulled back by...
NYSE:GTLS is in the energy space as an equipment manufacturer. One that may not come on your radar. The average price target on this is $197.68. USB just gave it a new “BUY” rating and a price target of $170. At the current price that implies a 16% move. At the average price target the implied move would be over 34%. Now the technical that I trade. This had...
AMEX:ARKK Mark Minervini made famous the VCP as a set-up. It is also simply a wedging pattern that can break either way. However, where there was a previous uptrend, like in this chart, the direction of the break is usually to the upside. The path of least resistance is a continuation of the previous trend. ARKK had a move of over 60% from the Oct 30th low to...
We see NQ forming a descending triangle into a key demand zone of 18165-18075 along with a key support zone of 18100-18060 that's been holding for some time now. With FOMC tomorrow, this will be a key zone, along with the descending pattern. Below 18060 puts targets below into play. Break above the descending triangle puts ATH back into pay.
AMEX:XBI Formed a flat base from early January to late February before breaking out. You can see on this chart it is either a failed break-out (with more downside to go) or it is retesting that breakout area and will soon resume its upward trend. All TBD. In addition to coming down to the breakout area it looks like it “may” be getting support at the 50 DMA...
Discussing the sell off in semis today. Potential reversal in Nat gas Bitcoin & crypto selloff. FOMC tomorrow: No rate cut. Will Powell come out hawkish tomorrow? its looking likely he will based off of the BOJ rate hike. Oil surging doesn't help the dovish case. Commodities breaking out doesn't help the inflation fight.
QQQ is down over 1% today and falling out of the channel it's been in since October. It's quad witching today so could not be a coincidence that the market might be changing phases. An obvious spot for support would be the 50 EMA down between $425-$427.
NYSE:PLTR Here is a strong one for your watch list. This is perfectly normal action (so far) for a stock to pull back to its breakout area. It is pulling back on declining volume. All this is textbook action. I will be looking for the resumption of uptrend before I get involved. That could take a day, a week, or more. Patience will be key. I will update this...