QQQ Daily, 04/28/2014: Monday's Bottoming Tail.
Monday's big reversal gave us bottoming tails all over the place, including the Q's. This gives the Q's another chance to break out of the price channels it's been in since early March. The Q's have banged into that upper channel line several times and failed, however, this time could be different.
We put in a swing low on the 15th of 83.28 and then a swing high of 88.21 on the 24th. The Q's put in a higher low on Monday and we now have the opportunity of putting in a higher high above 88.21 and if the Q's manage to do this they will break out of the price channel. Rallies are built on higher lows and higher highs and the Q's are set up now to start giving us that kind of price pattern. IMHO, this is the best opportunity the Q's have had in several weeks so it's going to be very important for the Q's to stay away from 85.11 from now on and work their way back up into the 88's. But we are not out of the woods yet and Q's could easily reverse before breaking out of the price channel so caution remains the word of the day.
GL & be careful.
We put in a swing low on the 15th of 83.28 and then a swing high of 88.21 on the 24th. The Q's put in a higher low on Monday and we now have the opportunity of putting in a higher high above 88.21 and if the Q's manage to do this they will break out of the price channel. Rallies are built on higher lows and higher highs and the Q's are set up now to start giving us that kind of price pattern. IMHO, this is the best opportunity the Q's have had in several weeks so it's going to be very important for the Q's to stay away from 85.11 from now on and work their way back up into the 88's. But we are not out of the woods yet and Q's could easily reverse before breaking out of the price channel so caution remains the word of the day.
GL & be careful.
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