QQQ/Nasdaq Update Daily TF Sept 20
The QQQ has been struggling ever since it broke below the 9SMA on Sept 13 and has failed to get back above it.
Things to note:
- Broke back down & below BF channel (bearish)
- 9SMA curling down (bearish)
- Bounce target @ $295 coincides with 9SMA resistance
- Bear target #1 Gap @ $286.69 has been hit
- Bear target #2 Gap @ $275
- Bear target #3 re-test June low
Our gap target @ $286 has turned into a support area for these past 3 trading days. If I had to guess, I'd say there's a decent chance we get a bounce to AT LEAST the 9SMA @ $296 tomorrow before/after the FED announces their rate raise decision.
As always, my LT thesis has NOT changed. This market is bearish from a technical perspective. Things can change, but so far, they have not.
Be cautious of head-fakes here and be careful with hype. I see people saying that a 0.75 BPS hike is most probable AND priced into the market already. That is NOT a hill I am willing to die on and sounds a lot like the "insiders" who told us that U.S. CPI data was coming down in August.
The best thing you can do is avoid hype, follow the charts & listen to LeMan.
Things to note:
- Broke back down & below BF channel (bearish)
- 9SMA curling down (bearish)
- Bounce target @ $295 coincides with 9SMA resistance
- Bear target #1 Gap @ $286.69 has been hit
- Bear target #2 Gap @ $275
- Bear target #3 re-test June low
Our gap target @ $286 has turned into a support area for these past 3 trading days. If I had to guess, I'd say there's a decent chance we get a bounce to AT LEAST the 9SMA @ $296 tomorrow before/after the FED announces their rate raise decision.
As always, my LT thesis has NOT changed. This market is bearish from a technical perspective. Things can change, but so far, they have not.
Be cautious of head-fakes here and be careful with hype. I see people saying that a 0.75 BPS hike is most probable AND priced into the market already. That is NOT a hill I am willing to die on and sounds a lot like the "insiders" who told us that U.S. CPI data was coming down in August.
The best thing you can do is avoid hype, follow the charts & listen to LeMan.
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