Comments on: QQQ First Price Target Hit, Bounce Likely https://rightsideofthechart.com/qqq-first-price-target-hit-bounce-likely/ Stock Trading, Investing & Market Analysis Mon, 12 Jun 2023 18:33:08 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: rsotc https://rightsideofthechart.com/qqq-first-price-target-hit-bounce-likely/#comment-26543 Tue, 07 Mar 2023 02:16:17 +0000 https://rightsideofthechart.com/?p=210776#comment-26543 In reply to Jeff Vandenburgh.

Maybe (and likely) another run at the 200’s in in the next few weeks but keep in mind they were successfully tested several times last week with the final test culminating with positive divergences on the 60m charts plus bullish engulfing candlesticks on both the SPY & QQQ daily charts on Friday.

…then again, if we’re in the final stages of a bear market rally, or more so the early stages of the next leg down following the recent bull market rally, then all the recent bullish developments will likely prove to be bull fodder to suck in the last of the longs & blow out the last of the shorts to clear the way for the next impulsive leg down. Staying flexible in my analysis & positioning & trading what comes, largely based on the intraday charts for now.

]]> By: KevinK https://rightsideofthechart.com/qqq-first-price-target-hit-bounce-likely/#comment-26542 Tue, 07 Mar 2023 01:09:23 +0000 https://rightsideofthechart.com/?p=210776#comment-26542 Kudos Randy on the midday call reversing from long to short.
Thanks for the timely update.
Your time and efforts are greatly appreciated.

]]> By: Jeff Vandenburgh https://rightsideofthechart.com/qqq-first-price-target-hit-bounce-likely/#comment-26541 Mon, 06 Mar 2023 20:59:05 +0000 https://rightsideofthechart.com/?p=210776#comment-26541 I’m with you on the bounce trade, but just looking at the shape and location of today’s candles, wouldn’t you have give a bit of an edge to the bears here? To me it looks most likely that SPY and QQQ will fall back down to retest those 200MAs over the next few days/weeks. Of course there’s Powell testimony and NFP this week that will likely have their own influences on markets, but if the charts existed in a news vacuum…?

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