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QQQ Approaching Resistance + QQQ video analysis

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

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 short exposure on QQQ here (just added while the Q's are now at 106.30) with the intention to remove all of that particular lot if QQQ prints a 60-minute closing candle above 106.50.

This video discusses QQQ and a few of the largest components of the Nasdaq 100, covering three different time frames on each; the weekly charts, daily charts & the 60-minute time frame. The video ran longer that I had anticipated & is essentially an overview of both the longer-term technical outlook for the markets that I've covered in recent months as well as the more recent developments in the Nasdaq 100 and some of the top components, most of which has been covered recently in various updates as well. There aren't many new developments covered in this video so you might want to skip it if you are already up to date on both my long-term & near-term analysis although some might find it useful as the video ties in the bigger picture with the more recent developments in the market.
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Jun 29, 2016 12:30pm|Categories: Equity Market Analysis|Tags: , , , , , , |3 Comments

3 Comments

  1. pangblood June 29, 2016 12:37 pm at 12:37 pm

    Also shorted IWM at resistance, great update. Thanks Randy!

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  2. rsotc June 29, 2016 12:39 pm at 12:39 pm

    In hurrying to get this update posted asap, I forgot to include the reason for not only modifying my trading plan & not only deciding to add back more short exposure here, but also doing so aggressively, via a “substantial” position. As I believe the odds for ‘at least’ a pullback off the initial tag of the 106.30 level are quite good, I have taken what I refer to as a “day trade’ sized short on QQQ, in which regardless of what happens today, I will be closing out at least part of that position, either on a pullback off the 106.30-106.50 level (target just above 105.30) –OR– on a 30 or 60-minute close above 106.50, with the intention of taking the remainder of the position home.

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  3. david k June 30, 2016 7:20 am at 7:20 am

    Is it strange that the macd continued lower in the s&p chart you posted even with the market run up the last 3 days?

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