We are paying close attention to QQQ. We have a few things happening in the chart that we believe are cause for close attention.
1. Possible Head and Shoulders forming - we noted it in the chart. Downward price movement over the next few days/weeks will confirm.
2. Trend Reversal - The blue shows the curved resistance line that may be forming. If we break the red line of the red line, we will use that as a confirmation of a trend reversal.
3. Wyckoff Distribution Schematic - We are seeing what might be the formation of a Wyckoff distribution schematic. We will be doing analysis to see if it fits that pattern. We have not noted this in the chart.
4. We are seeing this in
IYW
as well. We are watching both and using them as leading indicators.
In this scenario we are neutral. We would like to see more price action before taking a short position.
Thank you,
"If I am through learning, I am through" - John Wooden
1. Possible Head and Shoulders forming - we noted it in the chart. Downward price movement over the next few days/weeks will confirm.
2. Trend Reversal - The blue shows the curved resistance line that may be forming. If we break the red line of the red line, we will use that as a confirmation of a trend reversal.
3. Wyckoff Distribution Schematic - We are seeing what might be the formation of a Wyckoff distribution schematic. We will be doing analysis to see if it fits that pattern. We have not noted this in the chart.
4. We are seeing this in
IYW
as well. We are watching both and using them as leading indicators. In this scenario we are neutral. We would like to see more price action before taking a short position.
Thank you,
"If I am through learning, I am through" - John Wooden