https://rightsideofthechart.com/qqq-at-support/ Stock Trading, Investing & Market Analysis Mon, 02 Apr 2018 16:31:34 +0000 hourly 1 https://wordpress.org/?v=7.0.2 https://rightsideofthechart.com/qqq-at-support/#comment-4286 Mon, 02 Apr 2018 16:31:34 +0000 https://rightsideofthechart.com/?p=186406#comment-4286 This is a key battleground for the bulls & bears. QQQ has potential bullish divergences forming on this 15-minute time frame. Although the previous divergent low was good for a 4.6% rally, keep in mind that the recent divergent high from March 13th on the much more significant daily & weekly time frames significantly increases the chances of bullish chart developments on the intraday time frames from playing out at all or to their measured price targets.
Should QQQ successfully defend this level & rally from here, that would confirm these 15-minute divergences as well as the positive divergences that are currently in place on the 60-minute charts. Doing so is likely to result in the scenario with green arrows; a rally up to the 150.30 -160.88 level. A failure to hold this level with another decent thrust down would negate these potential divergences, at least on this 15-minute time frame & potentially the divergences on the 60-minute time frame as well (red arrows). Doing so would also take QQQ solidly below the primary uptrend line on the daily & weekly chart as well, further adding to the bearish case for the US markets. Essentially, it’s do or die time for QQQ but even a 4%+ rally from here would not put the technicals back on solid footing. I’m still leaning towards a bounce today & possibly into tomorrow.

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