$QQQ Predictions through Feb 1/23We 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.
