Smaller candles above this diagonal trendline show indecision. If this is an upthrust and fake bullish move : wait for confirmation below the 3625 area...
Though market looks toppy, there is still a good chance it can bounce up and climb even higher. July 2007 to October 2007 period is an example. But watch the red support lines carefully.
On this weekly chart we see a nice bearish pattern forming I will Pickup later this week a short on the QQQ. My stop loss will be any close above the $91.27.
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Bear pennant formation in daily chart.
The price is now support by 20 SMA ( Not a big support) and also the trend line.
If QQQ close under the trend line , then I will be bearish, and will go short.
Although an evening star reversal would be ideal for the bears i don't think the markets are gonna make it easy for the bears. We still need confirmation on heavy volume and breach of recent support before initiating any short position. It look like the bulls are running out of steam, and no new buyers wan to step in at these height. Afraid-of heights-syndrome.
This chart is a comparison on GE and the SPY, and how sometimes GE tends to Sell off before the rest of the equities. Usually SPY would grind sideways for a few days, while GE has been selling off to the downside. I still think SPY in going to grind for the next few days before It starts another leg down.
It is difficult to buy here after $40 move from earning's gap but on intraday basis there we can still trade tactically keeping long in our mind.
Actually, it is one of the best stocks in this choppy, range-bound market because after earnings was released it had nice, powerfull 2 days continuation move then some rest, inside days which is healthy after such a big...
This is a 4 hour chart of the QQQ and it shows both the bullish and bearish side of the argument. I have a bias to the bear side due to bearish divergence on the weekly chart and also the head and shoulder pattern. However, the bullish argument is that we have an inverse head and shoulder pattern ( green) opposing the Bears, and also the fact that we are still in...
A SHS formation in the Nasdaq Composite with a well defined neckline.
Measured target 3600 where structural support is found in the middle of 2 gaps....
(One being closed - the other to hold as gap support)?
Daily RSI at 48,.53
Neckline has to break first!!!
Safe trading ladies and gents!
BM
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SPY has formed a shooting star Doji near a all time high, which is likely to form tomorrow. A red candle tomorrow would confirm an evening star reversal pattern. Also notice the mini Head and shoulder within the larger Head and shoulder pattern. The major resistance and support levels are labelled @ 184.62. 181.31 and 174.03, would be places to take profits at...
QQQ has a well formed RSI channel during 2007-2009 and 2011 periods. It appears it is forming a new down turn channel that can be used to spot market turns.
Applied 2007 chart pattern to today's market, and it fits pretty well. Of course the market does whatever it likes and does not necessarily follow any pattern. That being said, major support and resistance lines for 2002-2007 and 2009-2014 are similar. Maybe people behave the same psychologically, maybe people and machines have studied past patterns and have been...
It' hard to narrow down exactly where the QQQ's could hit resistance, since the SPY/DIA are still above their pivots. But I have two tentative points. Either we test the 50 ema and sell or form a H&S pattern. Both scenarios will favour my bullish gold thesis. Although i prefer the former. (as GDX is at it last level of retracement before turning bearish.) The...
