QQQ is now approaching the 106.30 R level/50% Fibonacci retracement level where at least a pullback is likely (with additional resistance levels just overhead at 106.50 & 107.10). QQQ 60-minute 2 June 29th After composing the video below, I have decided to modify my trading plan & add back a substantial amount of [...]
The video starts with a brief overview of the Pound Sterling/US Dollar (GBP/USD) currency pair followed by an overview of the US equity markets & wraps up with some comments on trading strategies, including some considerations on when to book profits vs. letting a profitable position run. note: It might take a few minutes after [...]
A look at the US equity market via SPY & QQQ with a focus on the top components of QQQ, several of which have broken key support or remain just above key technical levels.
QQQ has been consolidating within the April 22nd gap while forming a small broadening wedge pattern. While a break over the April 19th highs (111.44) would be bullish, I still favor a downside resolution & watching for a break below 109.40 to spark the next wave of selling. QQQ 60-minute June 7th AAPL [...]
GOOG: Wedge breakdown (check). Bounce off initial support (check). Next stop, 689. AAPL rejected so far on the attempt to regain the gap while the 60-minute trend indicators flip to bearish. Still awaiting a 60-minute break & close below the minor uptrend line as AMZN fails to take out the 723 [...]
A break below this 60-minute uptrend line is likely to bring GOOG down towards the 689 area in the coming days to weeks. GOOG 60 min June 1st close After a feeble & so far, failed attempt to back-fill the 4/27 gap with the help of the Buffet-induced rally, AAPL appears to be [...]
There haven't been any significant changes to the outlook for the US equity markets since the most recent updates but with US equity posting gains across the board today, I figured that I'd cover some of the key technical levels to watch along with a overview of the top components of QQQ.