As I have observed yesterday, the bull trap scenario on QQQ continues to play out. On the daily chart, the action today is now capped to the tick by the 9 day moving average, which was trending down, suggesting that the downward trend is intact. Notice when 9 day moving average was up, the trend was bullish, and every pullback to it has been bought. When trend is bearish, every bounce back to it is sold. On the hourly timeframe, the hidden bearish divergence is now almost confirmed, with PPO rolling over at 0 line, suggesting that the price is likely trending down in the coming week. Plus we made a lower high and lower low, which could potentially form a near term downward trending channel. In case no geopolitical event happens during the weekend, the downward motion will likely carry over into Monday.
Note
Here's the link on my NQ speculation earlier.
Note
A little bit more bullishness from QQQ as it reverses off 170 level now twice after today's close. A chop range seems to be developing as the index consolidates around key support. Still in belief that the trap scenario is in play. The remaining week's actions should be more telling.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.