$QQQ 1hr Modified Schiff pitchfork + Supp/Res levels
QQQ
60 minute Modified Schiff pitchfork that I've been following.
The pitchfork in conjunction with some estimated support and resistance levels (brown dotted lines) has been working pretty well lately.
Primarily using the 3 and 15 minute chart to intraday trade this pattern. 60 minute for swing trades.
Today's Fed news brought us to the lower boundary and then saw more strong volume at the $154 level. SELL THE NEWS! BUY THE RUMOR, but we might a while for this one.
If we break down out of the pitchfork, I'll lose a lot of hope of any potential long position and a short position will be strong(although not a great outlook for the overall index). Looking for solid movement up to enter a long position.
My MACD simple MA is actually neutral to slightly bullish trending which would support a rally within the fork but it's still in recovery mode, must be cautious.
RSI bouncing off 30 after bottoming on Dec 17th is another reason for a rally as we saw from the 10th to the 12th and Nov 23rd to Dec 3rd.
Similarly, the Stoch RSI may bounce off 20 and further signal a rally.
Overall, I'll be looking to go long if $154 holds and then again looking for power through $161 to test the upper fork boundary. Anything else is bearish.
60 minute Modified Schiff pitchfork that I've been following.
The pitchfork in conjunction with some estimated support and resistance levels (brown dotted lines) has been working pretty well lately.
Primarily using the 3 and 15 minute chart to intraday trade this pattern. 60 minute for swing trades.
Today's Fed news brought us to the lower boundary and then saw more strong volume at the $154 level. SELL THE NEWS! BUY THE RUMOR, but we might a while for this one.
If we break down out of the pitchfork, I'll lose a lot of hope of any potential long position and a short position will be strong(although not a great outlook for the overall index). Looking for solid movement up to enter a long position.
My MACD simple MA is actually neutral to slightly bullish trending which would support a rally within the fork but it's still in recovery mode, must be cautious.
RSI bouncing off 30 after bottoming on Dec 17th is another reason for a rally as we saw from the 10th to the 12th and Nov 23rd to Dec 3rd.
Similarly, the Stoch RSI may bounce off 20 and further signal a rally.
Overall, I'll be looking to go long if $154 holds and then again looking for power through $161 to test the upper fork boundary. Anything else is bearish.
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