QQQ 1hr - Stalling at Major Resistance
QQQ was looking great on Friday morning, it finally managed to break out above its bear flag and a downtrend it had been in since April. Unfortunately for bulls, it quickly rejected after consumer sentiment was released. Having a fakeout like this will usually lead to a larger move in the opposite direction, but I need to see more confirmation. I'll be looking for VX strength/weakness and will see if QQQ can gap back above these trendlines or if we're heading back down. We should get a bigger move by the end of the week and could have some great opportunities on retests, but I'm proceeding with caution until after CPI.
You reap what you sow.
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
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