ratchet-mint

QQQ reverses after massive selloff and goes into bullish rebound Thursday Oct 1 saw massive sell off on high volume, signals reversal coming confirmation of reversal came Friday Oct 4 when it broke the trend and held above Gap fill on Friday morning was quickly followed by rally staying above downward trend entire day. Made an entry at 484 expecting more buying to come

QQQ rallied up its resistance and tests with false breakout Volume increases over day before yesterday as resistance is tested again RSI trends downward and stays below SMA QQQ has been trending downward since August and now trying to break through its major resistance. Generally September and October are not great months for the market so extra caution must be taken during this time

QQQ is showing to be less predictable and prone to false breakouts Last week QQQ performed a two day long false breakout above before retreating Today we see QQQ again break below its downward trend. breaking below a downward trend is usually followed by a course correction back into the normal trading zone QQQ is proving to be volatile and thus difficult to define when a trend is actually reversing or just another fake out that takes our money.

QQQ has sold off quite a bit over the past 2 weeks. We are now starting to see consolidation as selling pressure reduces Horizontal support line starts to form after sell off Still within downward trading range Could be stock is taking a breather before more selling continues September and at times October are notably bad months of the year We are seeing a settling right now, but we still are in a downtrend and the beginning of a historically bad month.

QQQ past breakouts above shows it was false by selling off in a massive way with strong volume Failed to hold above new support downward trend Failed to hold above major horizontal support line closed with hammer candle on high volume. This last item we dont expect to be a major turned around point back to bull. It should just be rise back up horizontal resistance before selling off again Comparing with SPY we see that it has now for the first time broke its flat trading today and break below key support with strength. The confirmation between the indicates the bears are back in controlThe Hammer candle we witnessed on last period of trading day with increased volume indicated reversal of the downtrend. This reversal hammer was rejected the following morning with a gap down. In order for the hammer to be confirmed we need to see a bullish momentum candle upwards. The rest of the trading day went into consolidation zone, possibly accumulation. This could poise the stock for a small upward swing. Not expecting a breakout yet.

Today QQQ started with another gap up breakout for the 2cd day in a row. Stock retraced then rallied again in the late day. Stock gapped up again doing another breakout weakening the week long sell off trend. Retracement that was expected sold off less and at slower pass than the day before Late day smart money jumped in and pushed the stock to higher highs Volume experienced a massive spike in last moments of trading which can be indication of price exhaustion. This should cause a temporary pull back next trading day Overall the bull thesis for QQQ is getting stronger each day.Today we did get a pull back as anticipated. The pullback was much stronger and with much higher volume than expected. QQQ blew through all support levels firmly back into its original downward trend area. Sold two small positions at a loss. Staying on the side lines for the foreseeable future.

QQQ again breaks out above the longer resistance line to test new more bullish grounds For the second day in a row QQQ breaks above the long term downward resistance line This breakout is accompanied with increased volume over yesterday while trading in the higher zone RSI breaks above SMA during this time RSI's SMA been flat to trending slightly updward The bulls are looking to be taking over in the near future showing further weakness in this sell off.

QQQ experienced a number of turning points showing increased weakness in the sell off we have been seeing over the past week. False breakout to the upside Strong growth in volume confirming the breakout direction Hammer candle on close indicating reversal maybe coming after later day retracement RSI breaks above SMA line for first time This change in direction we have seen today with a new interest from the bulls shows that ever selling we experience going forward will likely be tested by the bulls again. For trend traders I would recommend sitting on the side lines until we see a stronger trend form either to the up or down side. This current down trend is showing weakness.

QQQ throws signals that bears are still firmly in control and the downward trend should continue QQQ tests major resistance line, fails to breakthrough During recovery in late day trading volume steadily decreases showing disagreement in recovery After hours shows a significant sell off which has recovered some since. RSI falls in step with price showing no signs of reversal coming Next major support line is around 463 Today marked the first day of strong downward trading breaking through support and holding. We are looking at more selling to comeThe dramatic sell off in after hours turned out to be a sign of price exhaustion where the price suddenly surges in the direction of prevailing trend which can be unsustainable thus triggering a reversal.

QQQ started to finally show selling with momentum for first day in nearly a week of slowly selling. It looks as though distribution phase has passed and selling with momentum has begun. After hours etf continues to slide dramatically Bulls have lost with bears firmly in control at the moment The after hours sell we are experiencing now could possibly cause it to gap down on open then get filled in the morning before selling continues.