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QQQ Backtests Consolidation Zone

QQQ rejected on the backtest of the bottom of the trading range. While I still favor a move down to at least the T2 level (107.55), it's hard to rule out a bounce back to the 111.70 area, which was defined by numerous gaps within the recent trading range.

QQQ 60-minute Jan 5th

QQQ 60-minute Jan 5th

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Jan 5, 2016 1:20pm|Categories: Completed Trades - Short, Equity Market Analysis|Tags: , , |2 Comments

2 Comments

  1. GM January 5, 2016 6:16 pm at 6:16 pm

    Thanks for the updates Randy.
    After such a lengthy consolidation, I’m hoping that T2 will be taken out, indeed think we will see Augusts lows taken out by the end of January.
    But I’m short the Ftse, so, you know, biased!
    Happy new year.

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    • jegersmart January 6, 2016 8:59 am at 8:59 am

      My shorts on QQQ hit my limit orders at 107.43 this morning London time. Will it backtest as RP has suggested? If so, a good opp imho.

      J

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