QQQ/Nasdaq Update Daily TF Sept 22
The QQQ has broken back below its Bear Flag channel & has been unable to reclaim it since Sept 13.
Price has been getting crushed by the 9EMA resistance & is now testing the July lows as support.
Bearish case:
- Broke back down & below BF channel
- 9SMA curling down (bearish)
- Bear target #1 Gap @ $275
- Bear target #2 re-test June low
- Bear target #3 BF measured move @ 260ish
- Bear target #4 Feb 2020 high pre-cov @ 243ish
- Bear target #5 2018-2019 range @ $180 - $195
We are currently only -3.72% from the June low.
Bullish case:
- Price testing July lows as support
- RSI is getting OS
- Bounce target @ $290 coincides with 9SMA resistance
As with the rest of the risk-on assets, the DXY reaching major resistance & being OB suggests that we could be due for a bounce at some point.
For those who think that my bear targets are crazy, as yourself the following:
- was the covid crash crazy?
- oil going negative nutso?
- ETH-merge major pump & dump?
- 2018 BTC bottom @ $3100 when everyone said, "but the institutions bro"!?!?
- global lockdown that destroyed supply chains worldwide?
- massive money printing mixed with supply chain destruction led to crazy inflation?
Ya, I think you all get my point by now.
Stay safe, remain objective, follow the charts, shut out the hype, and listen to LeMan!
Price has been getting crushed by the 9EMA resistance & is now testing the July lows as support.
Bearish case:
- Broke back down & below BF channel
- 9SMA curling down (bearish)
- Bear target #1 Gap @ $275
- Bear target #2 re-test June low
- Bear target #3 BF measured move @ 260ish
- Bear target #4 Feb 2020 high pre-cov @ 243ish
- Bear target #5 2018-2019 range @ $180 - $195
We are currently only -3.72% from the June low.
Bullish case:
- Price testing July lows as support
- RSI is getting OS
- Bounce target @ $290 coincides with 9SMA resistance
As with the rest of the risk-on assets, the DXY reaching major resistance & being OB suggests that we could be due for a bounce at some point.
For those who think that my bear targets are crazy, as yourself the following:
- was the covid crash crazy?
- oil going negative nutso?
- ETH-merge major pump & dump?
- 2018 BTC bottom @ $3100 when everyone said, "but the institutions bro"!?!?
- global lockdown that destroyed supply chains worldwide?
- massive money printing mixed with supply chain destruction led to crazy inflation?
Ya, I think you all get my point by now.
Stay safe, remain objective, follow the charts, shut out the hype, and listen to LeMan!
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