QQQ has traded right up to the 217.52ish resistance in today’s pre-market session. Still on watch for a reversal & drop back to the neckline to form what would be a right shoulder on a potential Head & Shoulders topping pattern. Whether or not we get a right shoulder to form this potential pattern, 217.52 (purple line) is resistance that if taken out, could trigger a run at the previous highs & possibly the 224.18 resistance level above. Previous & updated 60-minute charts below.
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- QQQ 60m 3 May 4th
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- QQQ 60m May 5th
Just a heads up for those that took the BYND short trade idea from the April 24th video. BYND was good for about a 22% gain (drop) into yesterday’s lows but the stock is reporting earnings after the market close today so a good time to book profits for those that haven’t already done so.
BYND daily May 5th