QQQ March Analysis
Monthly
TA - Still with overall down trend on the monthly as direction remains bearish with a support level at 321 (which also happens to be around the 0.618 fib retrace level).
Using the strat method, the monthly chart is still in consolidation as the month of March reflects a "1" scenario. A break of 318.25 will give a 2D and a break of 370.10 will give a 2U . Look for signals on the weekly to determine direction.
Given this large range of consolidation on the monthly, gain goals should be set at minimum 10% and stop losses at 25% (or total trade 25% of bankroll) to avoid major losses due to choppiness .
FA - With the fed announcements of rate hikes, continuing inflation , supply chain shortages, and war on the European front, the overall economic trend for technology is still bearish at the moment. Overall since the bear market has begun, the corrective action has accumulated to a total of ~21% and currently ~17% YTD. As supply chain shortages continues the bear market is expected to remain strong in the technology sector resulting in an overall downtrend in QQQ .
Sentiment - Bearish: Take conviction in put trades when the signals and set ups present its self!
Weekly
Last Week High LWH) - 350.04
Last Week Low (LWL) - 334.92
week of 3/7
Triggers below LWL will be in force on D/W searching for a M "2D" at target of 318.25 (~5% change) .
Triggers above LWH will be in force on D/W searching for a M "2U" at target of 370.10 (~5.70% change)
Daily
Look for continuation of bearish sentiment as 2-2 reversal off of downtrend line bounce
TA - Still with overall down trend on the monthly as direction remains bearish with a support level at 321 (which also happens to be around the 0.618 fib retrace level).
Using the strat method, the monthly chart is still in consolidation as the month of March reflects a "1" scenario. A break of 318.25 will give a 2D and a break of 370.10 will give a 2U . Look for signals on the weekly to determine direction.
Given this large range of consolidation on the monthly, gain goals should be set at minimum 10% and stop losses at 25% (or total trade 25% of bankroll) to avoid major losses due to choppiness .
FA - With the fed announcements of rate hikes, continuing inflation , supply chain shortages, and war on the European front, the overall economic trend for technology is still bearish at the moment. Overall since the bear market has begun, the corrective action has accumulated to a total of ~21% and currently ~17% YTD. As supply chain shortages continues the bear market is expected to remain strong in the technology sector resulting in an overall downtrend in QQQ .
Sentiment - Bearish: Take conviction in put trades when the signals and set ups present its self!
Weekly
Last Week High LWH) - 350.04
Last Week Low (LWL) - 334.92
week of 3/7
Triggers below LWL will be in force on D/W searching for a M "2D" at target of 318.25 (~5% change) .
Triggers above LWH will be in force on D/W searching for a M "2U" at target of 370.10 (~5.70% change)
Daily
Look for continuation of bearish sentiment as 2-2 reversal off of downtrend line bounce
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