QQQ remains on a near-term buy signal following this morning’s breakout & backtest of the 15-minute bullish falling wedge pattern posted on Friday (while still on a long-term sell signal as long as it remains below the Dec 16th high/weekly bearish engulfing candlestick). Previous & updated 15-minute charts below.
QQQ 15m 3 Dec 31st
QQQ 15m Jan 2nd
For futures active traders or QQQ active traders looking for the next objective long entry, the next buy signal on /NQ will come on a solid break above this yellow downtrend line as well as the 21505ish resistance just above. 15-minute chart below.
NQ 15m Jan 2nd
The potential bounce targets on these short-term intraday charts would also provide objective add-ons or re-entries (for active traders attempting to game the zigs & zags within the larger trend) for those that recently covered a QQQ or /NQ short & reversed long to game a bounce last week.
On an admin note, I will be leaving town before the market close today, returning to my desk Friday evening. I plan to make at least one more post before I leave today. I will do my best to answer any questions or provide charts requests before then so LMK if there is anything you want updated in the comment section below.
Wishing everyone a very prosperous, healthy, & happy New Year!
-rp