QQQ entered the June 23/24 gap earlier today & as expected, if & when entered, the gap was backfilled (yesterday’s alternative* scenario) with this backfill of the gap (resistance) offering any objective short entry or add-on. Previous (yesterday) & updated 60-minute charts below.
QQQ 60m June 29th
QQQ 60m June 30th
(*solid arrows always denote my primary scenario, with any dotted arrows the alternative scenario.. both always leading to the same targets, just more so a matter of trying to hone in on the inflection point so at times I will post both the primary & alternative scenarios when my confidence on where the turn will come isn’t very high).
The broad market/major stock indices, including QQQ are just not very conducive to swing trading recently, grinding around in a sideways range for nearly two months now. I still maintain my next downside targets on QQQ (T2-T4, after hitting & reversing off T1 shortly after the entry/sell signal on the primary uptrend line break) but much better fish to fry else, at least for the time being.
QQQ still needs to take out that 705.19ish support it’s been dancing on since last Wednesday in order to increase the odds of another leg down. Until then, sector & stock rotation, including shorting in the most bearish stocks/sectors while going long the most bullish, remains the best way to try & squeeze a little blood from this stone (sideways market).
On a related note, the AVAV long trade idea highlighted as an objective long entry at support in the June 23rd Trade Ideas video & again yesterday in the bi-weekly recap, is starting to rally impulsively higher today (+16%) after the recent falling wedge breakout, backtest, & drop to support. First chart below is the screenshot from the June 3rd video highlighting my price targets, followed by the updated chart below.
AVAV 6-23-26 video screenshot
AVAV daily June 30th
On an admin note: We are continuing to work on some back-end programming updates this week, so please let me know if you are experiencing any issues with the website and/or the email notifications that are sent out when a new post is published. You can either post any issues in the comment section below any of the recent posts or send an email to support@rights….com. (Full email address omitted to avoid spambots.)
In addition to the programming updates, I generally keep trading light during this abbreviated holiday trading week as whipsaws (false/failed breakouts & stop-raids) are fairly common as a result of the diminished trading volumes, as many traders & investors are on vacation. As such, I usually take any new technical developments (e.g., a breakout above support or below resistance) during this abbreviated, holiday trading week (markets closed this Friday) on most securities with a grain of salt.