by rollandthomas | January 11, 2019 4:54 am
Invesco QQQ is an exchange-traded fund based on the Nasdaq-100 Index. QQQs is one of the most traded ETFs in the world and includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization.
Two months ago, I talked about the QQQ. This was probably one of the first times in a post, I ever went down to very small time frame, the 15 min chart to be exact. And all I was seeing was pending sell orders at many different levels.
Where Are The QQQs Heading Next???
I realize the Markets are up 10% since the Christmas lows. I realize some folks on Wall Street think we will reach new highs. I realize some folks on Wall Street thinks the economy is still very strong and in a secular bull market. I realize price has penetrated the 2018 Feb and Oct lows resistance line.
But I also know price has not revisited those 15 min supply zones yet and that price as only deteriorated, evidence by the additional daily supply zones.
Let only the Head and Shoulder pattern that formed in recent months.
So where is QQQ headed next? The chart suggests another leg lower.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.
Source URL: https://mentormarket.io/rolland/where-are-the-qqqs-heading-next-part-2/
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