QQQ: Week of Aug 8
Updated
Just a quick synopsis of QQQ going into the Week of Aug 8.
- Bullish looking chart, it is displaying a scallop type pattern as part of a larger bullish bird pattern:
- Calculated trading range is 304 - 346 (in the blue box).
- As with SPY, bullish break is a break over 346 and hold.
- Bearish break is a break below 304 and hold.
- Buy area would be a hold of 313 (according to projections); however, there is a technical support line located right below this zone (the green line). Respect of this area would be a very bullish sign.
- Sell area would be rejection of 330 and failure to break above.
- RSI is approaching overbought on the daily and thus pullback here should be anticipated soon.
- There is more room for upward movement on all major timeframes (Daily, Hourly and 4 hour) for this to move up. But it is approaching some mathematical resistance on the 4 hour Z Score Chart at around -0.5 and 0.8:
Overall Bias:
Bullish, my ideal price target if I were to swing (which I am not, I will just day trade it) is 330; however, pull-back is incoming I suspect so be careful here.
Pullback price target initially would be 313 and see how it goes from there.
Just my thoughts!
Trade safe everyone!
- Bullish looking chart, it is displaying a scallop type pattern as part of a larger bullish bird pattern:
- Calculated trading range is 304 - 346 (in the blue box).
- As with SPY, bullish break is a break over 346 and hold.
- Bearish break is a break below 304 and hold.
- Buy area would be a hold of 313 (according to projections); however, there is a technical support line located right below this zone (the green line). Respect of this area would be a very bullish sign.
- Sell area would be rejection of 330 and failure to break above.
- RSI is approaching overbought on the daily and thus pullback here should be anticipated soon.
- There is more room for upward movement on all major timeframes (Daily, Hourly and 4 hour) for this to move up. But it is approaching some mathematical resistance on the 4 hour Z Score Chart at around -0.5 and 0.8:
Overall Bias:
Bullish, my ideal price target if I were to swing (which I am not, I will just day trade it) is 330; however, pull-back is incoming I suspect so be careful here.
Pullback price target initially would be 313 and see how it goes from there.
Just my thoughts!
Trade safe everyone!
Trade closed: target reached
Target reached today. 330 and then rejection. Yay to anyone swinging this! or day trading it to 330!
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