QQQ Throwback to Ascending Wedge/Channel
Was reviewing QQQ/drawing trendlines and noticed this....QQQ broke down throught ascending wedge/channel on 4APR and today 5JUN broke up through it. Usually when that happens it hangs there for a day/two then reverses back to the original trend (i.e. down). Fully expect QQQ to move back DOWN through channel in next couple of days (NFP report tomorrow, FWIW).
20JUN14: QQQ continues to "rest" on this trendline after throwback...but expect it to break down through it anytime now (today or Mon?)....is similar for SPY and R2K (IWM). IMO, short is far & away best risk/reward scenario right now.
12AUG14: QQQ broke down through trendline on 7/30 or 7/31 (your preference) and now kissing underneath of trendline....would expect it to fall away (down) relatively soon
20JUN14: QQQ continues to "rest" on this trendline after throwback...but expect it to break down through it anytime now (today or Mon?)....is similar for SPY and R2K (IWM). IMO, short is far & away best risk/reward scenario right now.
12AUG14: QQQ broke down through trendline on 7/30 or 7/31 (your preference) and now kissing underneath of trendline....would expect it to fall away (down) relatively soon
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