QQQ levels to watch weekly closeout
More to come on Sunday but....
While leaning towards an upside trend on news of Amazon, nearly every other Tech stock fell pushing QQQ down. QQQ had a small gap up at open but quickly fell giving credence to the horizontal resistance line from close of market Thursday. The price action took the route 3 after debunking route 1 which was the lean but not confirmed and previously the day prior wiping out route 2.
As before, QQQ presents us with another decision point.
The price fell to (3) the lower trend line (white) and the support area of 219.07 just a few pennies off the projected levels. Monday brings about a "wait and see" moment to see if the support area and white trend line holds and provides a bounce or does the price gap down below the support area and head towards a rapid sell off.
Detailed analysis to follow on Sunday
While leaning towards an upside trend on news of Amazon, nearly every other Tech stock fell pushing QQQ down. QQQ had a small gap up at open but quickly fell giving credence to the horizontal resistance line from close of market Thursday. The price action took the route 3 after debunking route 1 which was the lean but not confirmed and previously the day prior wiping out route 2.
As before, QQQ presents us with another decision point.
The price fell to (3) the lower trend line (white) and the support area of 219.07 just a few pennies off the projected levels. Monday brings about a "wait and see" moment to see if the support area and white trend line holds and provides a bounce or does the price gap down below the support area and head towards a rapid sell off.
Detailed analysis to follow on Sunday
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