Nasdaq 100 Index

QQQ & SPY Testing Support

QQQ (Nasdaq 100 Tracking ETF) continues to test the 170.90ish support level defined by the January & February reaction highs as well as the March 9th gap & breakout above that former resistance level. The 60-minute trend indicators on the Q's remain bullish for now although they are poised to cross bearish if/when QQQ backfills the March 9th gap as I suspect it will soon. QQQ 60-min March 15th SPY (S&P 500 Tracking ETF) has now backfilled the March 8th gap, the bottom of which is both gap as well as price support, with the 60-minute trend indicators just [...]

Mar 15, 2018 2:36pm|Categories: Equity Market Analysis|Tags: , , , |0 Comments

QQQ Price Targets & Near-term Outlook

Both QQQ & SPY broke down & closed below their respective 60-minute uptrend lines yesterday, thereby triggering near-term sell signals on the US equity markets. The 60-minute chart below lays out my preferred (orange) and alternative (yellow) scenarios. My alternative scenario has a maximum downside target at this time of the 163 area although I'm leaning towards this pullback ending around the 168-169ish support zone as of now, which is my preferred scenario. QQQ 60-min March 14th Should QQQ mount a lasting reversal at or just above the 170.88ish level, which is support defined by the January & February [...]

Mar 14, 2018 11:39am|Categories: Equity Market Analysis|Tags: , |3 Comments