Nasdaq 100 Index
The scenarios outlined with the dashed orange lines on the 60-minute chart of QQQ, SPY & IWM highlight my expectation for a pullback ranging from at least 1½-3% from the recent highs with a move down to as low as the 240.50ish level on the SPY quite likely. As we are now thick [...]
Watching for a second 60-minute close (11:00am) below this price channel on SPY as well as the first 60-min close below the comparable channel on QQQ. Keep in mind that today is standard options expiration (OpEx) as the markets have a tendency to rise into OpEx, often starting a pullback the following week. Previous & [...]
Awaiting a break below these ascending price channels in SPY & QQQ following these most recent divergent highs on the 60-minute charts below:
The following video covers some of several recent technical developments on the 60-minute chart of QQQ, the Nasdaq 100 tracking ETF, as well as couple of longer-term developments towards the end of the video. The three current charts covered in the video are posted below with the previous two charts on the $SPXA200R & the [...]
An overview of several near-term trend indicators on QQQ & SPY.
The primary scenario posted yesterday has been eliminated bringing my alternative scenario into play, a reversal around the 141 resistance level into play (2nd chart). I've also added another potential resistance level at 140.27, a level defined by numerous reactions in recent months, which was not shown on the previous 60-min chart posted yesterday (1st [...]
The first chart below is a 2-year daily chart of QQQ which highlights all of the corrections in recent years. Each of the 5 corrections shown on this chart (the first one starting to the left of the chart, out of view) have a few things in common: They were all preceded by a divergent [...]