NQ/QQQ Weekend Look ( Oct 4-8)
The NAS completed a corrective AB=CD move and gave a decent bounce on Friday. Whether this bounce can evolve into a new uptrend is to be determined. So far the RSI is not showing positive divergence so a retest of last week's low is a real possibility. There is also the fact that many traders are now seeing a large head and shoulder pattern and are likely targeting the 200 sma (green line) to the down side. If the topping pattern breaks the measured move takes us down to the longer term 382 fib. at approx. 13796. So the key level going into next week is the recent low at 14537. If the low holds a push back up to the highs is also possible. I never trust the price action on Fridays so we will have to wait until tomorrow the get a better feel as to how this week will play out. Looking ahead there is not a lot of market moving events on tap. We may actually be in for some sideways chop until earning season kicks in again.
ความคิดเห็น:
Here is a look at the H&S I'm seeing.
ความคิดเห็น:
So re-test the low it is. Really want this low to hold ...otherwise the topping pattern and trip down to the 200 is in play.
ความคิดเห็น:
Attempting to base here. Short term bounce opportunity. Careful as the 200 sma is still a magnet below.
ความคิดเห็น:
Targets on the bounce play are the bottom through the top of the neutral.
ความคิดเห็น:
Two targets hit on the bounce play. Bottom of neutral and .50. Closed scalp as downward pressure may resume. Want see price get above the near term neutral to break the down trend.
