Nasdaq 100 Index
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 [...]
A downtrend is simply prices making a series of lower highs & lower lows which is clearly the case with the Nasdaq 100 since the June 9th high. The arrows on this 15 minute chart of QQQ show some of the key reaction highs & lows since that market leading index peaked nearly a month [...]
The following 60-minute charts on QQQ (Nasdaq 100 Tracking ETF) highlight three different perspectives; 2 bearish & 1 bullish. This first series of 60-minute charts goes back to May, just before QQQ peaked & started the current downtrend with a bang following the trendline break, along with concurrent breakdowns in all of the market leading [...]
We have an impulsive breakdown below the 120-minute H&S pattern as well as the key 136.40 support level so far today. Right behind the June 9th bearish engulfing candle in QQQ & other technical breakdowns in QQQ & the FAAMG stocks, this is one of the highest probability sell signals on the Q's in many [...]
The potential Head & Shoulders pattern highlighted on June 20th now appears to be fully formed with today's impulsive move down to the neckline. As discussed in that previous post a week ago, I was waiting to see not only if the second right shoulder would form but ideally to see that drop back down [...]
Broad Markets As I've already posted extensive analysis on the equity markets as well as various commodities, sectors & precious metals over the past week I figured that I'd keep it simple & share what I'm most focused on with the stock market at this time. At the risk of over-simplifying something that is quite [...]