Comments on: Next Leg Down In QQQ & /NQ Likely

By: rsotc

rsotc — Wed, 28 Jul 2021 18:40:53 +0000

In reply to jpowell. QCOM, LRCX, XLNX, & more reporting after the close today so that has the potential to get the semis finally moving one way or the other as they've been trading sideways for months.

By: rsotc

rsotc — Wed, 28 Jul 2021 18:38:34 +0000

In reply to crlists13. I'm not sure if I understand the question but I can say that QQQ recently backtested the secondary trendline on the daily chart (primary TL on the 60-minute chart) & was rejected so if my read on the charts is correct, it should continue to fall from here although keep in mind that AMZN doesn't report until after the close tomorrow so that could be the catalyst for the next leg down or lead to another thrust up & possible backtest or even regaining of the TL. Markets are usually choppy until all the FAAMGs have reported.

By: jpowell

jpowell — Wed, 28 Jul 2021 15:22:32 +0000

SMH on fire (semi’s) Keeping Q’s propped up due to AMD’s earnings results.
hopefully they will top out soon.

By: PWL

PWL — Wed, 28 Jul 2021 14:44:41 +0000

In reply to crlists13. Are you asking @rsotc, at what point will he call off the short trade? By the way, where is the stop on this current short trade?

By: crlists13

crlists13 — Wed, 28 Jul 2021 14:11:26 +0000

@Randy. QQQ 1H up to about 365 was the reaction top before next leg down. Now it's testing that level twice. . At what point, it will negate that idea and looking at back test of the upper TL line.