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QQQ is trying to re-test the previous breakout level
QQQ
, 1D
QQQ: QQQ is trying to re-test the previous breakout level

Last breakout level, May 14 high, is 327.33. Today's low is 328.28. For the past breakouts in May 2021, September 2020 and March 2020, 2 out 3 have the gap closed. Anyway, after re-test previous breakout level, when there is a strong bull signal, bulls will buy above it.

EMA20
QQQ
, 1D
QQQ: EMA20

QQQ is being pulled close to EMA20 or last breakout level.

Odds favor a new low
BTCUSD
, 1D
Short
BTCUSD: Odds favor a new low

For the strong breakout on May 19, usually there will be two legs down. The first leg has completed. Odds favor another leg down. Many bulls are willing to buy when there is a new low with strong buy signal. Market is now in trading range. There will be strong price action after consolidation ends. There are several resistances above. 1) it is the top the...

Another tight trading range day
QQQ
, 1D
QQQ: Another tight trading range day

It is not good for day trader...Strong price action will come after holiday.

Another small bar
QQQ
, 1D
QQQ: Another small bar

Market is in consolidation for last three bars. Odds favor pullback close to EMA before taking off to another new high.

Small bar
QQQ
, 1D
QQQ: Small bar

Today has very tight trading range. It is rare to see such small bar on daily chart. It is a signal of potential big movement.

Likely re-test breakout level around 328
QQQ
, 1D
QQQ: Likely re-test breakout level around 328

For the breakouts that occurred in March 2021, September 2020 and March 2020, QQQ re-tested previous breakout level.

Trading range likely for several days.
QQQ
, 1D
QQQ: Trading range likely for several days.

This breakout is similar to the one late September 2020. There is resistance not far above. Consolidation for a week is likely.

Broad bull channel
BMY
, 1D
BMY: Broad bull channel

It is just for fun to draw two parallels lines. It may reach top of the channel soon.

Weekly chart looks neutral
QQQ
, 1W
QQQ: Weekly chart looks neutral

It looks neutral since this week closes not near its high. However, if the market repeats what happened during the last pullback in March, we will see trading range for two weeks and then move upward to new high.

Going down to 20000
BTCUSD
, 1D
Short
BTCUSD: Going down to 20000

I don't trade bitcoin. But the bear channel has formed. It is going down to 20000.

Bullish
QQQ
, 1D
QQQ: Bullish

Bull break out of bear channel with two consecutive decent green bars. Higher low has formed. It is going higher. The question is if there is going to be spike or sideway.

Tight bear channel.
QQQ
, 1D
QQQ: Tight bear channel.

Today there is surprise gap down and bounce back. Strong premarket price action resulted in big gap down. And bulls successfully defended the bottom from May 12. This has formed tight bear channel. Again it is now close to top of the channel. Bulls are not in control yet unless break last lower high around 327.

Tomorrow will likely be in green
QQQ
, 1D
QQQ: Tomorrow will likely be in green

It is trading range with last three bars overlapping. I guess >50% chance for tomorrow to be in green.

Top of the channel
QQQ
, 1D
QQQ: Top of the channel

It is now around top of the channel. Third leg down is usually rare. Market direction is not clear. I guess it is going to be trading range with slightly higher odds for green for this week. If there is 3rd leg down, at least 10% correction is expected.

Next week will be green
QQQ
, 1W
QQQ: Next week will be green

I just realized last 4 weeks are red. The probability to get green bar for next week should be higher than 60%.

2nd leg down is now over
QQQ
, 1D
QQQ: 2nd leg down is now over

Two legs down are now finished. QQQ will likely reach top of the channel and then trading range as market looks for direction.

Trading range
QQQ
, 1D
QQQ: Trading range

It is not a good buy signal for bulls. Bulls are waiting for a strong bull day and buy above it.

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