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QQQ Reverses Off Top Of Breakout Failure Zone

So far, the Q's reversed off the top of the expected breakout failure zone to the penny, followed by a bearish engulfing 15-minute candlestick. Two more bearish developments that I'm watch for to firm up the bull trap scenario: A 60-minute bearish engulfing candlestick AND a move & 30-minute close below 105.60.

QQQ 15-minute 2 May 9th

QQQ 15-minute 2 May 9th

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May 9, 2016 10:35am|Categories: Equity Market Analysis|Tags: , |1 Comment

One Comment

  1. schooner May 9, 2016 4:21 pm at 4:21 pm

    So far a very good call — the Qs reversed in the last hour exactly at the top of your zone and printed a bearish engulfing on the 60 min chart. As I mentioned elsewhere, they were also rejected at the 9 EMA and ultimately printed a sort-of-doji on the daily. I can certainly see a break below today’s doji as being an objective short entry.

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