Comments on: /NQ QQQ At Resistance 4-26-24

By: KevinK

KevinK — Sat, 27 Apr 2024 16:40:52 +0000

Why should the bulls shave off some profits….
We have Amazon, SMCI, and Apple to pump up the averages next week.
SMCI should pull NVDA back up to within striking distance of it’s all time high.

By: Imadaytr8r

Imadaytr8r — Fri, 26 Apr 2024 17:33:27 +0000

Looks like the Bears left early for the weekend! I’m all in on a reversal if the QQQ’s hit 433ish …. Hard to believe even the Bulls wouldn’t shave off some profit before the weekend! We’ll see

By: rsotc

rsotc — Fri, 26 Apr 2024 17:28:49 +0000

In reply to Alan. 430 isn't a significant technical level, 433 is the key support level, bottom of the trading range that was broken & triggered the recent sell signal on QQQ. Support, once broken, becomes resistance so I still maintain that shorting up to but not above 433 is objective. With all due respect & sympathy for your situation of being underwater on a QQQ short position, it seems that you must have taken that/those short entry/entries at unfavorable/non-objective entries. In the video I published today following this post, I re-capped the primary short entries for the current QQQ short swing trade, all of which are profitable (with the first one around breakeven). Anyone scaling in at those highlighted objective entries would still be comfortably profitable, even if they didn't reverse (close the short & go long) on any of the reversal trading opps that I highlighted, including the recent Fri/Mon double-bottom. While I can't give specific investment advice, I can say that if I were in your position (behind, not ahead on this trade), I wouldn't add to that short position until & unless we take out the recent (Fri//Mon/T2 ) low. It's much easier for most to sit tight & ride out a counter-trend rally on a short trade that is comfortably profitable than at a big loss.

By: stockninja

stockninja — Fri, 26 Apr 2024 16:38:35 +0000

Just feel as though NVDA had a false breakdown…..then is doing a false breakout…..then will head back down to catch everyone off guard. Everyone sees this potential breakout and it seems as though everyone forgot that all of this NVDA news from the MAG 7 companies could’ve been already priced in. I wish no harm on anyone but this is where I feel as though one Iran retaliation with the war over the weekend will send this market into utter confusion and panic. Oh and what about Fed rate cuts?? Seems as though thats a thing of the past already. SMH

By: mljohnson58

mljohnson58 — Fri, 26 Apr 2024 16:06:41 +0000

In reply to KevinK. Kevin, @NQ broke down from its flag yesterday, was back testing and on the earnings at the close it back into its flag. Its at strong resistance and the QQQ's are testing the flag bottom and have not been able to regain. It's not really going any higher. Randy is right, it's a big time short

By: KevinK

KevinK — Fri, 26 Apr 2024 15:37:10 +0000

In reply to mljohnson58. It can keep testing it til the bear flag disappears and we're back at all time highs.

By: KevinK

KevinK — Fri, 26 Apr 2024 15:09:31 +0000

After 6 months of dip buying, the dip buyers took a week off.
THEY’RE BACK

By: mljohnson58

mljohnson58 — Fri, 26 Apr 2024 15:02:13 +0000

QQQ’s are back testing the bottom of the gigantic bear flag.

By: rsotc

rsotc — Fri, 26 Apr 2024 14:22:56 +0000

Negative divergence (pending confirmation on bearish PPO crossover) now in place on the QQQ 60m regular session (my preference), once again offering an objective short entry, re-entry, or add-on here and/or up to but not above 433.

By: Alan

Alan — Fri, 26 Apr 2024 14:17:03 +0000

Q’s at 431. above 430 resistance. NVDA broke above 840, key resistance, and now at 867. Can we really short more here??? My shorts are way underwater.