Comments on: QQQ 2nd Price Target Hit 3-7-22

By: Jeff Vandenburgh

Jeff Vandenburgh — Tue, 07 Mar 2023 16:56:10 +0000

In reply to Jeff Vandenburgh. I'm wondering if we might expect tech to catch up with those other sectors to the downside?

By: Jeff Vandenburgh

Jeff Vandenburgh — Tue, 07 Mar 2023 16:53:59 +0000

Looks like QQQ and tech, especially the most loved semiconductor stocks (NVDA and AMD) are the place where money, whereas some of the other sectors (XLF, XLB, XLU, XLRE) are really getting hit to the downside. Festivus trade is on!

By: rsotc

rsotc — Tue, 07 Mar 2023 15:52:52 +0000

In reply to Jeff Vandenburgh. I just can't say with a high degree of conviction. On one hand, the recent breakouts & subsequent successful backtests of the key 200-day SMAs on QQQ & SPY as well as the primary downtrend line on SPY was 100% bullish. However, IF there is going to be another major leg down in the bear market soon, then you really couldn't come up with a better catalyst then to see the market go on & make a solid failure back down below those levels (last week's lows), as that would be a massive bull trap, sucking in a bunch of longs & blowing out a lot of shorts. I'd put nearly equal odds but with a slight favor towards the bearish scenario (the recent breakout fails followed by the next powerful leg down in the bear market) but will assess things as they develop.

By: rsotc

rsotc — Tue, 07 Mar 2023 15:44:31 +0000

nice level to reverse back to short for those that covered/reversed on the initial tag/momo-overshoot of T2 on QQQ with any slight additional push up to backtest this 5m trendline also an objective shorting level

By: Jeff Vandenburgh

Jeff Vandenburgh — Tue, 07 Mar 2023 15:37:21 +0000

Nice call. Looks like it’s a Buy The Dip opportunity. Do you see a return to the uptrend with higher highs now that the pullback has occurred and supports been tested?