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	Comments on: QQQ Head &#038; Shoulders Pattern Breakdown	</title>
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		<title>
		By: Dean Drummond		</title>
		<link>https://rightsideofthechart.com/qqq-head-shoulders-pattern-breakdown-2/#comment-11299</link>

		<dc:creator><![CDATA[Dean Drummond]]></dc:creator>
		<pubDate>Thu, 29 Jun 2017 22:15:15 +0000</pubDate>
		<guid isPermaLink="false">http://rightsideofthechart.com/?p=182745#comment-11299</guid>

					<description><![CDATA[In reply to &lt;a href=&quot;https://rightsideofthechart.com/qqq-head-shoulders-pattern-breakdown-2/#comment-11297&quot;&gt;oxienergie&lt;/a&gt;.

Yes, excellent point. QQQ managed to pull off a stick-save into the close today to finish the session just above the key 136.40 level. I think that may have been the result of XLK (tech ETF) making the first tag of the bottom of the channel (&lt;abbr class=&#039;c2c-text-hover&#039; title=&#039;An uptrend occurs when a security or index is making a series of higher highs &#038; higher lows.&#039;&gt;uptrend&lt;/abbr&gt; line) on the daily chart. Reactions on the initial tag of a support level (initial as in the first time in a while) almost always produce a &lt;abbr class=&#039;c2c-text-hover&#039; title=&#039;1) A bounce/pullback off support/resistance and/or a temporary consolidation around that level following a well-established trend leading up to that point. 2) A reaction low or high is a distinct point where the price of a security changed direction.&#039;&gt;reaction&lt;/abbr&gt;.
As you say, best to see that 136.40 get taken out with conviction but from my analysis on not just QQQ but SPY along with nearly all of the sectors within the SPX, I think the odds for at least another 4% or so downside in the coming weeks is very good.]]></description>
			<content:encoded><![CDATA[<p>In reply to <a href="https://rightsideofthechart.com/qqq-head-shoulders-pattern-breakdown-2/#comment-11297">oxienergie</a>.</p>
<p>Yes, excellent point. QQQ managed to pull off a stick-save into the close today to finish the session just above the key 136.40 level. I think that may have been the result of XLK (tech ETF) making the first tag of the bottom of the channel (<abbr class='c2c-text-hover' title='An uptrend occurs when a security or index is making a series of higher highs &amp; higher lows.'>uptrend</abbr> line) on the daily chart. Reactions on the initial tag of a support level (initial as in the first time in a while) almost always produce a <abbr class='c2c-text-hover' title='1) A bounce/pullback off support/resistance and/or a temporary consolidation around that level following a well-established trend leading up to that point. 2) A reaction low or high is a distinct point where the price of a security changed direction.'>reaction</abbr>.<br />
As you say, best to see that 136.40 get taken out with conviction but from my analysis on not just QQQ but SPY along with nearly all of the sectors within the SPX, I think the odds for at least another 4% or so downside in the coming weeks is very good.</p>
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		<item>
		<title>
		By: Dean Drummond		</title>
		<link>https://rightsideofthechart.com/qqq-head-shoulders-pattern-breakdown-2/#comment-11298</link>

		<dc:creator><![CDATA[Dean Drummond]]></dc:creator>
		<pubDate>Thu, 29 Jun 2017 22:14:42 +0000</pubDate>
		<guid isPermaLink="false">http://rightsideofthechart.com/?p=182745#comment-11298</guid>

					<description><![CDATA[In reply to &lt;a href=&quot;https://rightsideofthechart.com/qqq-head-shoulders-pattern-breakdown-2/#comment-11296&quot;&gt;malejandro1972&lt;/a&gt;.

Yes, a backtest of the neckline on that QQQ H&amp;S is certainly a possibility tomorrow, especially after that late-day bounce into the close today. If so, that would be an objective level to add short exposure although the higher-probability entry would be to wait for another 60 or 120-minute candlestick close below the 136.40 level or even better, below today&#039;s lows, even if that comes on a big gap down tomorrow.]]></description>
			<content:encoded><![CDATA[<p>In reply to <a href="https://rightsideofthechart.com/qqq-head-shoulders-pattern-breakdown-2/#comment-11296">malejandro1972</a>.</p>
<p>Yes, a backtest of the neckline on that QQQ H&#038;S is certainly a possibility tomorrow, especially after that late-day bounce into the close today. If so, that would be an objective level to add short exposure although the higher-probability entry would be to wait for another 60 or 120-minute candlestick close below the 136.40 level or even better, below today&#8217;s lows, even if that comes on a big gap down tomorrow.</p>
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		<title>
		By: oxienergie		</title>
		<link>https://rightsideofthechart.com/qqq-head-shoulders-pattern-breakdown-2/#comment-11297</link>

		<dc:creator><![CDATA[oxienergie]]></dc:creator>
		<pubDate>Thu, 29 Jun 2017 22:00:06 +0000</pubDate>
		<guid isPermaLink="false">http://rightsideofthechart.com/?p=182745#comment-11297</guid>

					<description><![CDATA[And wouldn&#039;t you know it, we closed above the 137,40 level. That&#039;s the key support level, not 136,40 as in the post, right?
So we still cannot be sure, if it goes down or will be bought back up again right away.]]></description>
			<content:encoded><![CDATA[<p>And wouldn&#8217;t you know it, we closed above the 137,40 level. That&#8217;s the key support level, not 136,40 as in the post, right?<br />
So we still cannot be sure, if it goes down or will be bought back up again right away.</p>
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		<title>
		By: malejandro1972		</title>
		<link>https://rightsideofthechart.com/qqq-head-shoulders-pattern-breakdown-2/#comment-11296</link>

		<dc:creator><![CDATA[malejandro1972]]></dc:creator>
		<pubDate>Thu, 29 Jun 2017 21:53:55 +0000</pubDate>
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					<description><![CDATA[Randy, what do you think about the possibilities of a throwback to the neckline before the Qs resume down?  Considering we are coming up on a holiday, throwback into monday 3rd, resuming down the 5th?
Thanks Mark]]></description>
			<content:encoded><![CDATA[<p>Randy, what do you think about the possibilities of a throwback to the neckline before the Qs resume down?  Considering we are coming up on a holiday, throwback into monday 3rd, resuming down the 5th?<br />
Thanks Mark</p>
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