NASDAQ QQQQ Analysis-Ascending Triangle?
I mentioned the Q's last night and the intraday ascending triangle. Finally, volume looks right for this formation. Volume should decline into the apex and as you can see on this 30-min chart, that is happening.
This suggests a breakout move above resistance near $33 with an initial measured move target of $34.50-35. If we include the formation as part of a bull pennant (not really a pennant though), then we get a healthier gain and target of $37, although $35.50-$36 is more realistic considering the resistance that will be felt in the gap from 10/03-10/06. A failed move-or false breakout here creates a bull trap with a quick move down to at least $31.50, maybe further and that would lend to the Inverse Head and Shoulders theory I proposed last night. In the end, if you are holding, I'd continue to do so unless we see a break of $32.
In this 1-min 3C chart, you can see the 2pm retest fail with distribution/sellers in the area. Traders may want to wait out the weekend before jumping in with both feet.
This 15-min 3C, which you can see has been dead on in calling all the reversals, does not look encouraging.
My feel is that we are going to see some range bound trade for the next few days.
Note* 3C is my own creation, a proprietary indicator used to measure accumulation and distribution. It works like many other similar indicators such as OBV. You look for divergences at turning points. The 3C indicator is created on the TeleChart platform and available on StockFinder as well. I'm an affiliate for both platforms, so if you want to try out 3C for yourself, use the links from my site to TeleChart or Worden such as this one and tell them that you heard about them from Trade Guild.net. It won't cost you a penny more. Then email me and I'll get you started with this and a few other of my own indicators.
This suggests a breakout move above resistance near $33 with an initial measured move target of $34.50-35. If we include the formation as part of a bull pennant (not really a pennant though), then we get a healthier gain and target of $37, although $35.50-$36 is more realistic considering the resistance that will be felt in the gap from 10/03-10/06. A failed move-or false breakout here creates a bull trap with a quick move down to at least $31.50, maybe further and that would lend to the Inverse Head and Shoulders theory I proposed last night. In the end, if you are holding, I'd continue to do so unless we see a break of $32.
In this 1-min 3C chart, you can see the 2pm retest fail with distribution/sellers in the area. Traders may want to wait out the weekend before jumping in with both feet.
This 15-min 3C, which you can see has been dead on in calling all the reversals, does not look encouraging.
My feel is that we are going to see some range bound trade for the next few days.
Note* 3C is my own creation, a proprietary indicator used to measure accumulation and distribution. It works like many other similar indicators such as OBV. You look for divergences at turning points. The 3C indicator is created on the TeleChart platform and available on StockFinder as well. I'm an affiliate for both platforms, so if you want to try out 3C for yourself, use the links from my site to TeleChart or Worden such as this one and tell them that you heard about them from Trade Guild.net. It won't cost you a penny more. Then email me and I'll get you started with this and a few other of my own indicators.
Labels: 3C, advice, ascending triangle, bear market, bull flag, bullflag, economy, financial analysis, nasdaq 100, pennant, q's, qqqq, StockFinder
posted by Brandt at 2:22 PM
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