Hi everyone. Happy holidays – it is almost 2020!
Here’s a weekly chart of QQQ below. Notice how the index just keeps marching higher and higher. It is a very surprising move upwards. I still think we will retest 195 (previous new high) before moving higher. I’m not sure where we go from here, but it doesn’t make sense to sell or buy at this level.
Happy holidays (almost)! I’m about to have finals next week which will be fun once they are finished.
Anyways the weekly chart of QQQ is below. Notice how although we’ve had above average volume this week relative to the last few months, overall this is still low volume. Maybe this will continue into a Santa Rally during the last week of the year, although I still favor a retest of 195 area.
Hi everyone. It’s been cold out here in Boston, but I hope you are staying warm!
Below is the weekly chart of QQQ, and I still think we will retest the 195 level. Notice how the volume is a lot lower than usual. I think this is typical of the holiday season, so perhaps we could drift higher on low volume.
Happy turkey week! I got a lot of school work done and I did some recipe testing for my own Boba company so that’s good. I hope your week was just as eventful.
Analysis on QQQ is below the chart.
Above is the weekly chart of QQQ. Notice how the bearish weekly divergence is now gone, so it looks like momentum wasn’t as weak as I had originally thought. This move upwards has been quite explosive, but I think we will cool off and retest the 195 level before moving higher. Or we can just go up forever.
See you next week.
Hi everyone. I hope you enjoyed your week and have a wonderful Thanksgiving day next week!
I think QQQ will more than likely retest the 195 level within the next 3 weeks. I suspect we will move higher after that, but currently I am bearish in the very short term.
Notice how the weekly bearish divergence has mostly gone away now – hinting that this upward move has a lot of momentum. I thinking we still move down towards 195 in the near term before possibly moving higher. Either way, if we move down and get near 195, we should expect a volume increase and a large reaction there.
Have a great, peaceful weekend! 🙂
Below is the weekly chart of SPY (S&P500). I’ve calculated the percent increases to new highs from each previous peak. The average increase from the previous high is 2.6% over the last 3 times the index made a new all time high before pulling back. That would translate to a price of about 309 for when the index makes another move lower. Although I probably won’t short at these prices, I definitely would not be buying anything here since the risk/reward is atrocious.
Buyers can look for a retest of 300 before buying, and aggressive sellers can look for a move down to 300 for a quick trade.