The $VIX (Volatility Index) is now moving higher following the recent breakout & backtest of bullish falling wedge while holding the S1 support level like a champ over the last couple of weeks. The positive divergences in place at the recent lows confirmed the bullish nature of the falling wedge pattern & helped to confirm [...]
The recent price action on QQQ could not be any more bearish: A breakdown & successful backtest of the bearish rising wedge, followed by a break of the 108.46 support level & a perfect backtest before moving impulsively lower. No to mention the confirmation via various trend indicators flipping to bearish. QQQ 60-minute April [...]
A break below this 60-minute uptrend line will likely trigger a move down to at least the 32.30 level. XOP (SPDR S&P Oil & Gas Explorations & Production ETF) will trigger a short entry on any move below yesterday's low of 35.76. Exact targets & suggested stops to follow asap. My preferred proxy for this [...]
SPY (S&P 500 tracking etf) needs to break below the 207 level (horizontal + channel support) to join the QQQ on its recent breakdown. If so, the 197 area would be my minimum preferred near-term target at this time. 60-minute chart: SPY 60-minute April 28th
The NM Active Long Trade has been stopped out on a move below 1.20 & will now be moved to the Completed Trades category. Also note that after back-filling yesterday's gap, the QQQ have rolled over & are taking the rest of the market down with them so far. I do plan to add some [...]
QQQ (Nasdaq 100 Tracking ETF) is making a run to backtest the recently broken 108.50ish former resistance, now support level. My expectation is for a reversal here followed by a move down to at least the 105 area within the next week. 60-minute chart: QQQ 60-minute April 28th
This video takes an in-depth look at the US equity markets with a primary focus on the recent technical developments & outlook for the Nasdaq 100 (via QQQ).