$QQQ Analysis, Key Levels, and Targets
QQQ Analysis, Key Levels, and TargetsREQUEST - here you are lonehorse
QQQ has a very similar story to SPY… It’s trading above the cloud on the 4 hour (though it peaked up briefly at the beginning of the month - but there was a little bit more conviction today and some follow through from yesterday). It did not fill the entire bear gap, it was left open a little bit so if QQQ opens below this then it will become a resistance. If it opens above the gap then it’s getting into the cloud which often means a bit of sideways trading… Next resistance above that is the 200MA on the 4hr which conveniently coincides with the top of the cloud…
Both MacD and RSI point to a move higher in the next few days/weeks… I would just be mindful of the resistance levels… and the supports… And the weekly technicals are all showing a nice curl up which might give some momentum upward….
If that 300 psychological resistance breaks I could maybe see a run to 313ish… just remember that moves within the cloud can be sluggish and it tends to kill volume, which can be good or bad depending on what you’re trying to do…
The 200MA weekly has been a very very very strong support across the ENTIRE bull market… for now, that is MAX pain if it does go down… but I’m seeing a lot of bullish technicals so short term I think we see that move above the gap and towards the top of the cloud…
It looks like chaotic territory just in time for earnings season… I'd like to add that IF we see companies trading within their expected ranges... that in and of itself would be a bullish signal, I would think... because if we can see earnings not completely shaking the markets, like it has for the past year, even before the market turned in january... that would be a clear signal for me to go more heavily long
Best of luck… 💃🏻 (sorry that was so rambly... I just type without a filter LOL)
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