$QQQ Predictions through Feb 1/23
We have been building in strength and have reacted positively to earnings thus far. Along with positive market news the push is continuing to trend upward. However we are approaching the 1 Year Resistance point at 295. This chart shows 3 possible options ending the month of January and going into Feb 1. My potential entry points for each trade depend on the Pre Market movement on 1/27.
Bullish -
Goal: 300
Entry: (Pre Market) Above 294.37 on 1/27 OR (Pre Market) Above 294.01 on 1/30
If you are bullish and believe we can break the 1 year resistance line we could potentially see a boost up to 300. We have to break the resistance with enough momentum to see this happening. Also continued positive earnings/interest rate news.
Neutral -
Goal: 292-295
The volatility caused by earnings would be a major factor in this target. This assumes we gap up/down based on earnings reports and then reverse a little throughout the trading days.
Bearish -
Goal 285
Entry: (Pre Market) Below 291.39 on 1/27 OR (Pre Market) Below 290 on 1/30
Due to the high RSI and high resistance from our 1 year resistance line we could see a strong downward move. I have this breaking out of the 30 day trend channel. If we start downtrending I believe we have a selloff. Depending on the Jan. 31-Feb. 1 policy meeting regarding the rate increases.
Bullish -
Goal: 300
Entry: (Pre Market) Above 294.37 on 1/27 OR (Pre Market) Above 294.01 on 1/30
If you are bullish and believe we can break the 1 year resistance line we could potentially see a boost up to 300. We have to break the resistance with enough momentum to see this happening. Also continued positive earnings/interest rate news.
Neutral -
Goal: 292-295
The volatility caused by earnings would be a major factor in this target. This assumes we gap up/down based on earnings reports and then reverse a little throughout the trading days.
Bearish -
Goal 285
Entry: (Pre Market) Below 291.39 on 1/27 OR (Pre Market) Below 290 on 1/30
Due to the high RSI and high resistance from our 1 year resistance line we could see a strong downward move. I have this breaking out of the 30 day trend channel. If we start downtrending I believe we have a selloff. Depending on the Jan. 31-Feb. 1 policy meeting regarding the rate increases.
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