Sometimes a security, such as QQQ, reverses immediately after running into resistance or breaking down below support, such as a trendline; Sometimes it continues to test/trade off that support for a while or has a snapback rally that might backtest the trendline from below; and sometimes that resistance level gets taken out without much more than a brief consolidation or pullback, with another leg higher.

So basically, no guarantees QQQ will get rejected off the downtrend line/330 resistance zone, not even close to a guarantee but as I like to say: If patience is a virtue in life, it is an ABSOLUTE must in trading & investing.

QQQ is trading in the pre-market session today (Monday am) exactly where it was when the last 60-minute chart was posted on Thursday so no change in the technicals as of now. It either breaks out above that resistance or it ultimately gets rejected here.

Hey, hey, hey!!! Lighten up! You might be a little early here like Randy can be at times … QQQ is literally parked right at 330.39 resistance that Randy said could happen but isn’t his preferred scenario! He also pointed out an overshoot resistance zone up to 340 which really really isn’t his preferred scenario! He mumbled something to the effect that if it breaks out above 340 then he was wrong. I suspect at that point he’ll flip to long and target QQQ ATH as his next resistance and of course an obvious objective short entry! But I would think this really really really is NOT his preferred scenario!!! I didn’t cover all my shorts today because it didn’t hit 331 … trust me I will cover at 331! Good Luck!

Well, on the QQQ monthly chart July ended with an engulfing green candle!!! That couldn’t be a more bullish sign for a new longterm direction of the market, especially if it gets confirmed with another green candle this month! And it’s looking like August will in fact be another green candle!

Now, it could just be a Bullish head fake! If so we could head to new lows thus forcing all the CNBC Bulls**t Cheerleaders to turn in their Pom-poms and pass a test on Supply Side Economics and how IT cures inflation for a Country that actually want to strengthen the middle class! You don’t shoot down demand to kill inflation!!! You don’t raise taxes and regulations when heading into a Recession! You don’t feminize the Armed Forces! That is unless you just hate America! …. My point is nothing makes sense because this whole train wreck of an economy is a house of cards built on stilts! One good jolt to the system and the shorts will have the last laugh! … This will be the first soft landing Recession that sounds like a splat because Powell doesn’t even have the landing gear down yet! Oh, and learn to use stops ;-)

as ive mentioned many many times… randy is right about 60% of the time..just plain wrong about 40% of the time..but rarely if ever admits to that …

I’m seeing a break out today (8-12-22) on the BULLISH falling channel of the weekly QQQ. Yesterday I thought my short position (SOXS) was ok, today… not so much. Unless there’s some kind of SERIOUS catalyst over the weekend to tank the markets (like geopolitical), I see more upside on Monday. I think many are hoping not.

The max swing target on that trade idea from august 8th was $173, and that was when IWM was at $190. It closed > $200 today so it’s way passed that 3:1 ratio and should have been stopped out if Randy did actually take that trade (I know mine did). It is a bit annoying to me that we don’t hear as much about the trades that don’t work as we do about the ones that do. We all know Randy’s got a great track record, so I’m not sure why that is. Or maybe he just lifted the stops and is underwater waiting for it to come back down. Either way, who knows. Randy seems to have moved away from the concept of official active trades vs trade ideas, which muddies the water a bit.

Shorts have been getting squeezed. The Market knew many were short. Now at these critical levels, we will see if the bear or bull trends continue.

@davenchop
Look at you bustin’ chops Daven! LOL!

Randy called the Bear Market 20% crash on a break of NQ’s 15500
“If and When. Thats its, thats your all/in moment.”
The entire County called for the crash too.