Here’s what to expect next for the QQQQ’s
The QQQQ’s sold off hard
on Monday to test the weekly 15 period moving averages at 40.20
overshoots and then proceeded to bounce, as anticipated. The Nasdaq 100 e-minis
bounced off 1648 levels to tighten back to the daily 50 period moving averages
at 1677 then the 60 min 200 period ma resistance at 1686 and then to the daily
15 period moving average at 1697.
The amazing part of the move is that it happened
on a straight grind from the 1660 at 2pm EST as the FOMC meeting notes were
released. From here, we will look for make or break setups. This means that the
daily noodles will either form mini pups on 1710 breaks for a move back up to
1730s or an inverse pup breakdown on 1650 breaks to move us down to the 1630s.
This can and will likely take some time to play out on a daily time frame.
Jea Yu
Jea
Yu has been involved with the equities markets for over 10-years. He specializes
with intraday trading in the U.S. equities and futures markets. To receive a
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