Weekly chart shows the QQQQ just touch the up trend line of the up zone formed with the July/06 and March/08(which just touch the 200 MA). The weekly chart also shows the $46.41 as the 38.2% correction for the down trend from Oct high to March low. Today the closing price is around the critical line ($45.4), personally I think the breakout is failed.
In addition, the SPY is overbought, and the BB line shows the possible correction.
So my personal opinion is the 4Q will re-test $44.5 area (38.2% pull back from $46.4) to form a better base before the true breakout.
The market is changing to bullish, do short period trading if you want to play short.
YMYD.
In addition, the SPY is overbought, and the BB line shows the possible correction.
So my personal opinion is the 4Q will re-test $44.5 area (38.2% pull back from $46.4) to form a better base before the true breakout.
The market is changing to bullish, do short period trading if you want to play short.
YMYD.
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