Historical Analysis
Monthly chart, and Historical Analysis:
Since the Double Bottom Formation of 2009, which gave a signal of the ending of the Bear Market and the begining of a Bull Market, The QQQ is in High momentum Major Bullish Trend.
Compared to the SPY Performance (check out my SPY Historical Analysis - https://www.tradingview.com/chart/SPY/IultW6ye-Historical-Analysis/),
The QQQ moved with higher strength and reached the Return Line (RL) 5 Times. Moreover, and unlike the SPY, the QQQ show better tendency to "Respect" the MUT (Major Trend Line).
Since March 2012 (or T2) the volume quite consistent and doesnt show unusual changes.
Weekly Chart:
In the Weekly Chart, you can notice the Ascending Triangle that almot reached the Apex.
That Triangle is not very clear and uncomfortable, and I don't really trust its possible consequences.
But, what i really see is several attempts to penetrate the Resistance Area of 187.08 - 192.40.
Note also the pickup in Volume During the test of the IMT (Intermediate Trendline), which tells us about buyers who accumilate more.
Daily Chart:
We can see on the Daily Chart the Minor Higher Lows on the IMT that finally took the price above the Pink Resistance of 189 with relatively strong power (note the pickup in volume in 5/9/19).
The Price is still in the Resistance area of 187.07 - 192.40, and the next level is ATH of 195.55.
Conclusion:
The overall Picture is Positive.
The ATH is a Test Level :
1) if the price penetrate that level, and find support there, longs can be taken to the RL.
2A) If the price penetrate the ATH level and fail to find support on ATH, im looking for the reaction of the next area - the IMT + The resistance zone.
2B)If the price penetrate the ATH level and fail to find support on ATH, and then break through the next area ( the IMT + The resistance zone), im looking for reaction on the MUT.
Since the Double Bottom Formation of 2009, which gave a signal of the ending of the Bear Market and the begining of a Bull Market, The QQQ is in High momentum Major Bullish Trend.
Compared to the SPY Performance (check out my SPY Historical Analysis - https://www.tradingview.com/chart/SPY/IultW6ye-Historical-Analysis/),
The QQQ moved with higher strength and reached the Return Line (RL) 5 Times. Moreover, and unlike the SPY, the QQQ show better tendency to "Respect" the MUT (Major Trend Line).
Since March 2012 (or T2) the volume quite consistent and doesnt show unusual changes.
Weekly Chart:
In the Weekly Chart, you can notice the Ascending Triangle that almot reached the Apex.
That Triangle is not very clear and uncomfortable, and I don't really trust its possible consequences.
But, what i really see is several attempts to penetrate the Resistance Area of 187.08 - 192.40.
Note also the pickup in Volume During the test of the IMT (Intermediate Trendline), which tells us about buyers who accumilate more.
Daily Chart:
We can see on the Daily Chart the Minor Higher Lows on the IMT that finally took the price above the Pink Resistance of 189 with relatively strong power (note the pickup in volume in 5/9/19).
The Price is still in the Resistance area of 187.07 - 192.40, and the next level is ATH of 195.55.
Conclusion:
The overall Picture is Positive.
The ATH is a Test Level :
1) if the price penetrate that level, and find support there, longs can be taken to the RL.
2A) If the price penetrate the ATH level and fail to find support on ATH, im looking for the reaction of the next area - the IMT + The resistance zone.
2B)If the price penetrate the ATH level and fail to find support on ATH, and then break through the next area ( the IMT + The resistance zone), im looking for reaction on the MUT.
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