6/16/2019 Stocks stay mostly unchanged. Looks like more sideways or downward action the next couple weeks.

QQQ Weekly 6_16_2019.JPG

Here’s QQQ on the weekly chart. We hit the resistance zone between 185 and 190, and I suspect that this will be the local high for this move up. I suspect we continue moving sideways or downwards the next couple weeks. Thanks for reading! 

 

 

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6/9/2019 Stocks Bounce near the previous support level. I’m not convinced that this price level will hold for more than a couple weeks.

Hi everyone. QQQ hit below 170 before having a large bounce to end the week. The move is surprising, but I’m not convinced that this high price level will hold. If you plan to go short or sell your position, the resistance zone in the 185-190 price range looks like a good idea. 

QQQ Weekly 6_9_2019

6/3/2019 Selling accelerates, and futures down for Monday open. Looking like more downside.

Welcome back. Let’s look at the weekly chart of QQQ.

QQQ Weekly 6_3_2019.JPG

There’s not much new to add, but it looks like this could be the start of a larger move downwards. This is a good level to start looking for a time to buy since we could bounce. My guess is this is a larger correction downwards, so I personally won’t be buying any here. 

See you next week! 

 

5/18/2019 Stocks stay volatile and close lower for the week. This looks like a fake breakout to new highs and I suspect lower prices in the following few weeks.

Welcome back to my blog!

I was surprised by the violent upward swings this week, but the bears still won. We have confirmed the trend line break and have broken back below the 185-186 level – hinting at a false breakout. Because of the false breakout, I suspect selling will accelerate or speed up. In case I’m wrong, a stop loss near 188 would be a good idea if you are short. 

QQQ weekly 5_18_2019.JPG

Good luck, and see you next week like always 🙂

5/12/2019 Stocks drop and break steep upward trend line.

Hi everyone, welcome back!

There are some significant and exciting developments to discuss today.  It seems like the stock market is not liking the new tariff threats. This selling pressure has accelerated due to stocks being at relatively high prices.

QQQ weekly 5_12_2019.JPG

Above is the QQQ on the weekly chart. Notice how the red candle breaks through the steep uptrend line. Now is a good time to sell, and I’m considering selling my FB shares that I purchased about a year ago at 175.

If you are trading the QQQ, I recommend putting a stop loss at or slightly above 190, because if QQQ heads back up to that level, it will most likely be a false breakdown. If you want to play it safer, you could wait for another red candle (further confirmation) on the weekly chart before selling or going short. 

5/5/2019 Stocks bounce around but end flat this week. Expect some harder selling pressure next week.

Hi everyone. Stocks bounced around a lot this week, but ended up flat. Since earnings for some of the big companies are out of the way, I suspect we will see more selling pressure next week. 

QQQ weekly 5_5_2019.JPG

From the lowest point at the start of 2019 to current prices, QQQ has gone up over 34% with only one significant down week. Since the momentum is still strongly skewed upwards, shorting here without a good sell signal doesn’t make much sense. However, I do think we start to move lower in the next week or two.