QQQ Levels to Watch
QQQ is seemingly making its move South. Technicals are trying to confirm but have not as of close of market Friday. NQ futures tonight however are off to a downward start 3.5 hours after open today. Now we must wait and see how future finish over night and how the market opens tomorrow am.
What to watch:
As mentioned, how NQ future react overnight will give a bit of an indicator to whether we will see QQQ gap down at open.
The gray line reflect the upward trend line dating back to December 2019. The White reflects trend dating back to October 2019. These both in conjunction with the horizontal support areas displayed in previous post suggest this is an area to expect support and a kickback rally.
Additionally:
The MACD has shown a solid crossover to the downside.
The EMA has yet to cross over down but is very, very near. A gap down tomorrow will surely give us the required crossover to confirm both MACD and EMAs in concurrence in the downward position.
Still very confident in the earlier prediction of a downward slide to 228-227 this week and more likely the target area of 227.40 to 225.25
There are still two paths to get there.
Option A - a gap down to and continued slide to the target
Option B - Futures rally post midnight and price rallies tomorrow to 233 resistance area before a reversal and slide back down.
Caution: As always, until the diagonal support lines break, we are still in an upward trend. This trend has been so resilient that we must respect its resiliency. However the technicals are now starting to move in the bears favor to suggest the momentum of the trend is ending (at least near term).
What to watch:
As mentioned, how NQ future react overnight will give a bit of an indicator to whether we will see QQQ gap down at open.
The gray line reflect the upward trend line dating back to December 2019. The White reflects trend dating back to October 2019. These both in conjunction with the horizontal support areas displayed in previous post suggest this is an area to expect support and a kickback rally.
Additionally:
The MACD has shown a solid crossover to the downside.
The EMA has yet to cross over down but is very, very near. A gap down tomorrow will surely give us the required crossover to confirm both MACD and EMAs in concurrence in the downward position.
Still very confident in the earlier prediction of a downward slide to 228-227 this week and more likely the target area of 227.40 to 225.25
There are still two paths to get there.
Option A - a gap down to and continued slide to the target
Option B - Futures rally post midnight and price rallies tomorrow to 233 resistance area before a reversal and slide back down.
Caution: As always, until the diagonal support lines break, we are still in an upward trend. This trend has been so resilient that we must respect its resiliency. However the technicals are now starting to move in the bears favor to suggest the momentum of the trend is ending (at least near term).
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