Send me real-time posts from this site at my email
Fan Yang

Tech Has Been Hot - QQQ Tags Fresh High

As much as Q4 produced a historic contraction in the markets, Q1 in 2019 has produced a historic comeback. Now in mid-April, this risk appetite still appears strong especially in tech names. $QQQ for example briefly tagged a fresh all-time-high during the 4/17 session before retreating. 

QQQ Daily Chart

(click to enlarge)

Bullish Breakout:
- The brief breakout could be opening up the ETF for more upside.
- However if the week closes under $187.50, we might see some consolidation ahead.
- If there is consolidation, there is a likelihood that the $180-$181 area would be support as it was back in 2018. 
- Also note the decline in volume in this rally. This could be a sign that the rally is read for a break.
- I think 180 would be a key support. But 170 will be the critical support for the bullish scenario.
- A break below 170 shows that the market is still in consolidation mode. But if price holds above 170, it is more likely to be in bullish continuation mode.

Welcome!!! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue