QQQ pullback if it drops below 280
Friday they bought this up enough at the open to where it bounced off trendline (Blue trendline)
We are right at a roadblock (Yellow trendline) , if it breaks over that (282) then we are headed to 284 fib resistance again. Don't let the Financial media fool you . despite Fridays rally we basically retested Tuesday high.
Looking under the hood of qqq , the only sector that looks like it can move up a little more is SMH (Chip sector) and with Qcom earnings around the corner we'll see how long that last.
I think our ranges before the interest rate hike is between 284 and 273.
If we drop below 280 the pullback will move quicker as 280 is the spy weekly 200ema. It took forever Friday to cross it.
Things I notice
Apple couldn't get hold over 200ma
Msft has strong resistance around 234-235
Tesla got rejected 3 straight days at 230
NFLX is allergic to 300
We are right at a roadblock (Yellow trendline) , if it breaks over that (282) then we are headed to 284 fib resistance again. Don't let the Financial media fool you . despite Fridays rally we basically retested Tuesday high.
Looking under the hood of qqq , the only sector that looks like it can move up a little more is SMH (Chip sector) and with Qcom earnings around the corner we'll see how long that last.
I think our ranges before the interest rate hike is between 284 and 273.
If we drop below 280 the pullback will move quicker as 280 is the spy weekly 200ema. It took forever Friday to cross it.
Things I notice
Apple couldn't get hold over 200ma
Msft has strong resistance around 234-235
Tesla got rejected 3 straight days at 230
NFLX is allergic to 300
Commento:
Keeps bouncing of daily 21ema... Right now the chip sector and tesla are holding it up ..
AMD earnings is approaching, that will could break through that 21
AMD earnings is approaching, that will could break through that 21
Weekly 200 around 275.30
VERY BEARISH IF WE CLOSE BELOW BOTH