Long

QQQ Momentum is back -- 15% rally?

Updated

It looks like momentum is back and QQQ is getting ready to break out of the trading channel. Based on the COVID rally, I think we have a chance to add another 15%.

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Gaped up this morning to above resistance line and sold back down to end the day right on it. Tomorrow will tell us if resistance wins again or the market has enough momentum to stay above. If we can hold above tomorrow with a follow through on Monday, then I expect the bulls to rally hard towards my estimated 15%.

Here is price on the 2h.

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Resistance still holding, for now.

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Monday morning and pullback from resistance.

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Tuesday 4/2 and the market sure is indecisive. Still looking for some news to swing it one way or the other.

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Ouch. This may be a sign of a bigger pullback. It could just be a set up for another run to break resistance, or the market has finally run out of steam.

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Short of a run at the end of the day, this is still a lower high. Right now it was rejected off the center line of the purple trading channel.

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End Friday with a small pull back in the afternoon.

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Still updating this post. Here is what I see today on Wed 4/10. Lower-highs, but higher-lows.

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Triangle still in place.

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End of week and still in the triangle with lower highs and higher lows.

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QQQ gives it up with a bad day today and marks a lower low.

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Probably time to start a new Idea, so this will be the last one here. A lot of lines, but some possible near-term bottoms.

Dr_Roboto

Related publications

Nasdaq 100 (QQQ) - Resistance meets Momentum

by Dr_Roboto

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