QQQ Plays out short but only briefly
Yesterday I gave two scenarios both bullish and bears with a lean to the down side but not a clear sell signal because the EMAs and MACD were not in tandem.
The white box and left is historical and where we left off yesterday. Today at open the price dropped almost immediately to the support line (notice the long stem) roughly a $1.00 and then gradually increased back towards the overhead. Still awaiting for the MACD and EMAs to be in sequence for a clear buy or sell. While the EMAs are positive, the MACD has not made a complete crossover yet.
Stay tuned for further developments...
Cautions: FAGAMI makes up nearly half of QQQ. We are in the peek of earning season coming off of All Time Highs (ATHs). Positive or Negative earnings could potentially be the catalyst that either pushes the market further north or jump starts a massive selloff shifting the results of what the technicals suggest today.
Example:
Post market close today, Intel (
INTC) share jumped 7% after a better than expected earnings posting of $1.52 per share vs $1.25.
Upcoming Earning Report Dates:
FB (29 JAN)
APPLE (28 JAN)
Google (30 JAN)
Amazon (30 JAN)
Microsoft (29 JAN)
If these five post similar to INTEL, I expect more of the same to occur with QQQ.
The white box and left is historical and where we left off yesterday. Today at open the price dropped almost immediately to the support line (notice the long stem) roughly a $1.00 and then gradually increased back towards the overhead. Still awaiting for the MACD and EMAs to be in sequence for a clear buy or sell. While the EMAs are positive, the MACD has not made a complete crossover yet.
Stay tuned for further developments...
Cautions: FAGAMI makes up nearly half of QQQ. We are in the peek of earning season coming off of All Time Highs (ATHs). Positive or Negative earnings could potentially be the catalyst that either pushes the market further north or jump starts a massive selloff shifting the results of what the technicals suggest today.
Example:
Post market close today, Intel (
INTC) share jumped 7% after a better than expected earnings posting of $1.52 per share vs $1.25.Upcoming Earning Report Dates:
FB (29 JAN)
APPLE (28 JAN)
Google (30 JAN)
Amazon (30 JAN)
Microsoft (29 JAN)
If these five post similar to INTEL, I expect more of the same to occur with QQQ.
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