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Nasdaq 100 ETF (QQQ) Further Upside ExpectedShort Term Elliott Wave View in Nasdaq 100 ETF (QQQ) suggests that the rally from 2.22.2024 low is in progress as a 5 waves impulse. Up from 2.22.2024 low, wave ((i)) ended at 435.18 and dips in wave ((ii)) ended at 425.29. The ETF extended higher in wave ((iii)) towards 440.59 with internal subdivision as a double three. Down from wave ((iii)), wave (w) ended at 435.6 and wave (x) ended at 438.60. Wave (y) lower ended at 433.36 which completed wave ((iv)). Up from wave ((iv)), wave (i) ended at 441.4 and pullback in wave (ii) ended at 438.57. The ETF extended higher in wave (iii) towards 446.58 and pullback in wave (iv) ended at 445.02. Final leg wave (v) ended at 446.77 which completed wave ((v)) of 1. Pullback in wave 2 unfolded as a zigzag structure. Down from wave 1, wave ((a)) ended at 440.31 and wave ((b)) ended at 444.02. Wave ((c)) lower ended at 433.65 which completed wave 2. Up from there, wave ((i)) ended at 442 and pullback in wave ((ii)) ended at 436.03. The ETF extended higher in wave (i) towards 446.72 and wave (ii) pullback ended at 441.87. Near term, as far as pivot at 421.43 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
NASDAQ:QQQ
by Elliottwave-Forecast
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NASDAQ:QQQ
by TradingView
9
QQQ to $392Trading Pattern QQQ has formed an ascending channel which may prove to be very lucrative for derivative trading. Utilizing Elliott Impulse and Correction Waves within the support and resistance lines, Wave 4 may dip as low as $392 which is a few dollars shy of a 61.8% Fibonacci retracement level. Technical Indicators A bearish RSI divergence has been present since the share price surpassed $400; the RSI highs retain a negative slope while the share price highs have a positive slope (both reflected in yellow). This supports the Elliott Wave Theory and ascending channel pattern as the share price is currently at, or soon approaching, the crest of Wave 3 as well as the ascending channel resistance line. QQQ may experience a slight bump upwards indicated by the RSI line (green) which appears to be close to crossing the MA line (red) from beneath. However, due to its close proximity to overbought territory, I believe selling pressure will begin soon after as might be indicated by the MACD. The MACD technical indicator shows a tightly wound MACD line (green) and Signal line (red). The MACD line is within dangerous territory of crossing its Signal line from above which is a bearish indicator and suggests an increase in selling pressure followed by a correction in share value.
NASDAQ:QQQShort
by Shepherd_Investor
6
US Market SentimentAttached is the $NSDQ100 heatmap for the last trading week. General Overview: Color Scheme: The heatmap uses shades of green to indicate gains and shades of red to indicate losses in stock prices. The intensity of the color suggests the magnitude of the performance. Date and Time: The data reflects the market situation as of March 03, 2024, at 14:36:03 GMT-01:00. Sector Performance: Technology Services: This sector shows a mix of performances with NASDAQ:MSFT (Microsoft) nearly flat, indicating stability. Meanwhile, NASDAQ:GOOG (Alphabet) has suffered a significant loss, evidenced by its dark red box. Electronic Technology: A strong performance from NASDAQ:AVGO (Broadcom Inc) and NASDAQ:NVDA (NVIDIA Corporation) is highlighted by their deep green colors. NASDAQ:AMD (Advanced Micro Devices Inc) shows an impressive gain as well. However, NASDAQ:AAPL (Apple) has seen a notable decline. Retail Trade: NASDAQ:AMZN (Amazon.com Inc) is in the green, showing a gain, while other retail stocks show a mix of gains and losses. Health Technology: Mixed results with NASDAQ:ISRG (Intuitive Surgical Inc) in green, while NASDAQ:AMGN (Amgen Inc) has declined. Consumer Durables and Non-Durables: NASDAQ:TSLA (Tesla Motors, Inc.) has made a noticeable gain, while stocks like NASDAQ:PEP (PepsiCo) have seen a slight decline. Producer Manufacturing: NASDAQ:AMAT (Applied Materials Inc) stands out with a significant gain. Transportation: This sector generally shows declines, with most boxes in red. Individual Stock Analysis: High Performers: Stocks like AVGO, AMD, and AMAT show robust weekly gains, indicating strong bullish sentiment or potentially positive news affecting their market prices. Underperformers: GOOGL, AAPL, and some transportation stocks have seen declines, which could be due to sector-specific news, broader market trends, or earnings reports not meeting expectations. Interpretation: Positive Sentiment: Stocks with significant gains might be reacting to favorable earnings reports, positive industry news, or bullish market behavior. Negative Sentiment: The stocks in red, especially those with darker shades, might be experiencing sell-offs due to various factors like poor earnings, negative news, or shifts in investor sentiment. When considering swing trading opportunities in such a market scenario, one might look for stocks that are showing strength within sectors that are performing well, as they could continue to outperform in the short to medium term. Conversely, stocks that have dropped significantly might be evaluated for potential rebounds if the underlying fundamentals remain strong, or they could be avoided if the decline reflects longer-term issues. Mark Minervini's strategy would emphasize identifying stocks that are in strong technical positions with good volume support and potentially forming constructive chart patterns, which could indicate they are setting up for a potential breakout. One would also consider overall market trends and sector momentum when analyzing individual stocks for potential trades. Please note that this analysis is based on the heatmap's visual data and does not account for other crucial factors like news, earnings reports, economic indicators, or detailed technical analysis, which should all be considered before making any trading decisions.
NASDAQ:QQQ
by JS_TechTrading
QQQ: Bears Are AngryNothing looks bullish and everything looks bearish on the QQQ. Lower high, lower low, broken down parallel channel, under the 21W and 20W MA, RSI rolling over after visiting the red Bollinger band, and price entering low volume zone since the drop in 2022. Based on the volume since 2022, 318-325 seems like the most likely long-term support for QQQ. It corresponds to the 0.5 fib level and where the most volume is. We also saw strong support at this level back in spring 2022. Please keep in mind that nothing goes down/up in a straight line. I expect us to revisit the MAs and test them as resistance.
NASDAQ:QQQShort
by TheStockMan
A Roadmap on How this Year May Turn Out | QQQYet again buyer are still able to keep price higher and higher but at the same time we can spot weakness in each rally that occurs. Key note to look out for is that this rally that started in 2023 seems similar to the last in 2020 except for the Feds stimulus package that set the economy in turbo mode. As highlighted in green you can analyze the strength in both rallies to help predict what this year could look like, and going into the next. Based on the analysis QQQ is set to hit around $500 near the end of this year. As seen with technology carrying the market on its back, BTC, NVDA, and top performing assets are really set to explode even higher than what we see now. Buckle UP
NASDAQ:QQQLong
by Nathanl19
3
Redistribution or Accumulation, that is the question?!From the perspective of Wyckoff analysis, both accumulation and redistribution involve price action within a trading range (TR), but they represent vastly different underlying market dynamics: Accumulation: Underlying Trend: Accumulation typically occurs at the beginning of an uptrend. Supply and Demand: Smart money (institutions, experienced traders) are actively buying shares, causing demand to outweigh supply. This pushes the price upward with increasing volume. Price Action: The price action in an accumulation phase is characterized by testing and absorbing supply (support levels). There may be false breakdowns and narrow price ranges as buying pressure builds. Redistribution: Underlying Trend: Redistribution typically occurs within an existing downtrend. It's a pause in the downward movement before a continuation of the downtrend. Supply and Demand: Smart money is distributing (selling) their holdings, causing supply to outweigh demand. This puts downward pressure on the price, but volume may be lower compared to accumulation. Price Action: The price action in a redistribution phase may resemble accumulation with testing and absorbing support, but with key differences: False breakdowns may be weaker and fail to hold. **Upward movements may be less vigorous and lack confirmation from volume. Price tends to create lower highs compared to previous rallies. Distinguishing between the two: Differentiating between accumulation and redistribution can be crucial for informed trading decisions. Here are some additional points to consider: Context: Analyze the broader market trend and the stock's specific history. Volume: While not absolute, accumulation typically sees rising volume, while redistribution may have lower or stagnant volume. Confirmation: Look for confirmation signals such as breakouts above resistance for accumulation or breakdowns below support for redistribution.
NASDAQ:QQQEducation
by Moshkelgosha
9