4/10/2018 Stocks surge as Xi Jinping calms trade war fears. A look at the daily and intra-day charts of QQQ.

Fun Fact #23

Did you know that AveXis (AVXS) went up 81.6% yesterday due to a buyout offer?


 

4_10_2018 Market Stocks.PNG

The 165 Facebook target was hit 10 days ahead of schedule. I will probably adjust the target for FB (upwards) tomorrow since I think Facebook will continue to rise if the market goes up. 


 

The global markets (notably the US, EU, and Asia) saw stocks roaring back from the recent panic selling. This was due to Xi Jinping’s speech late last night where he announced that he will open up China and ease trade tariffs. 

Let’s look at QQQ below. 

QQQ analysis 4_10_2018.PNG

Notice how QQQ has broken out above the steep downward trend line. I think that as long as QQQ holds 154, the bulls are still in control. The volume is still light, which tells me that shareholders are holding onto their shares for the upcoming earnings season, and are refusing to sell. I think that if something bad were to happen, we will see high volume selling that would tank the markets. 

Take a look at the intra-day chart of QQQ below (15 minute candles). Notice how QQQ has made an inverse head and shoulders pattern. The distance from the head to the neckline is about 6 dollars. If QQQ breaks out above the neckline at around 161, we can expect a move up to about 167, give or take a few dimes. 

QQQ inverse head and shoulders pattern 4_10_2018.PNG

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