Another failure (so far) at the attempt to print a closing candle above the 38.2% Fib retracement of yesterday's drop in QQQ signals that this likely dead cat bounce may have run its course. 5-minute chart: QQQ 5-min 2 March 22nd Zooming out to the 60-minute time frame, QQQ looks ripe for a [...]
So far today, the divergences on the 5-minute charts have played out for a relatively muted bounce in the SPY that hasn't even retraced the low-end (38.2% Fib) of a typical counter-trend bounce. While more upside is possible, should the SPY reverse soon & take out yesterday's lows, that would likely spark the next impulsive [...]
Analysis & the outlook for QQQ as well as the largest components of the Nasdaq 100, which account for the bulk of the performance of that leading index.
The following notes & charts outline the entry criterion, suggested stop & beta-adjusted position size for a swing trade in ROST, Ross Stores Inc.
Today's massive Bearish Engulfing Candlestick engulfed every signal candlestick over the previous 20 days (14 trading sessions)... a clearly bearish technical event which strongly suggests that today's selloff was more likely the start of a much deeper correction vs. brief blip on the road to new highs. $NDX daily March 21st As discussed [...]
The XLF (Financial Sector ETF) Active Short Trade has hit T1 for a relatively quick gain of 2.7% in just 2 trading sessions. Although I had planned to add additional targets & still believe that the financial stocks will continue lower in the coming days/weeks, please see my reply that was posted in response to [...]
There's still a bit of work to be done to confirm breakdowns on SMH & SOXX although XSD gave up the ghost (so far) today with an impulsive breakdown below its bearish rising wedge pattern: XSD daily March 21st I believe there is enough evidence in the charts today to add any of [...]