Showing posts with label Nasdaq. Show all posts
Showing posts with label Nasdaq. Show all posts
Tuesday, September 27, 2011
The Nasdaq (QQQ) Continues To Follow Through
The Nasdaq (QQQ) continued to follow through the last two days holding the pivot point we have been watching. We need the market to create a new high which I marked with a yellow line in the chart. We need a new high to ensure that the current bullish trend is still intact. If the market were to fail to create a new high then it would be at risk for a possible sell-off.
Saturday, September 17, 2011
Nasdaq (QQQ) Breakout Underway
I'm now bullish on the Nasdaq (QQQ) after the breakout of the range. I have been waiting for the market to breakout or breakdown from the trading range. That move finally took place with Nasdaq breaking the high around $55.70.
I will view the next pullback as a buying opportunity for a swing trade. The pullback must stay above $52.50 that will create a higher low in the chart. A swing trade is a trade that lasts several days.
The blue arrow shows Nasdaq breaking above the 200 daily MA as well as breaking above the trading range of the last few weeks. I like the fact that the QQQ's have created a higher low with each pullback.
The weekly chart shows how Nasdaq has held up during the last pullback near the $50 support area. I like how the market has held up in an area that was a prior resistance point for the market. Whenever a resistance point is broken, it often turns into a support area. If Nasdaq (QQQ) breaks above the $60 area and holds, I will look for further gains. I will look to move my long term portfolio back into the market at that point.
I will view the next pullback as a buying opportunity for a swing trade. The pullback must stay above $52.50 that will create a higher low in the chart. A swing trade is a trade that lasts several days.
The blue arrow shows Nasdaq breaking above the 200 daily MA as well as breaking above the trading range of the last few weeks. I like the fact that the QQQ's have created a higher low with each pullback.
The weekly chart shows how Nasdaq has held up during the last pullback near the $50 support area. I like how the market has held up in an area that was a prior resistance point for the market. Whenever a resistance point is broken, it often turns into a support area. If Nasdaq (QQQ) breaks above the $60 area and holds, I will look for further gains. I will look to move my long term portfolio back into the market at that point.
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