The QQQ looks similar to the SPY with the exception of it being further along the downward spiral.
Looking at the 3 Month chart with daily candles and we can see price is riding the $340 level of support. It has the same bear flag action going on as the SPY does. All the moving averages are above the price, the stochastics have been riding the bottom for the last few days, and the MACD is weakening everyday as well.
I took a short position here via PUTS earlier last week and unless the price can find a way to get above the $348 level, I'll be on the PUT train. The goal line defense will be out for the $317.50 low.
In the 6 Month chart with Weekly candle sticks, you can see where that $325.50 level is pretty good looking support. The 100 WMA will probably be around the $328 spot which will set up a buy zone for me as a short term stop to begin with. There should be some kind of defense at this spot put up by the bulls. The stochastics have flipped but the MACD is increasing for a little glimmer of hope for the bulls.
Checking out that 3 Year chart with Monthly candlesticks, it is similar to the SPY with the price spiking below the 20MMA for 2 of the last 3 months. Price is currently below the average and the bull / bear battle is on. I see support at the $310 spot and the $300 level if the bears win in the short term. The bulls need to recapture the $370 spot to get back in control on this chart. The stochastics are moving down with the K and D lines spread apart which is a bad sign. The MACD is sinking and it looks like it is picking up speed here. Aside for a couple of stops here, I see a pretty good slide is possible on a long term basis. I'm thinking of picking up some PUTS with an expiration of Jan 2023 here as a lets see how it goes. A quick look shows me that I can get the 1/20/23 PUTS at the 335 strike for $29.06. I also like the same expiration but with the 250 strike here for a $7.45 price. Mark that one down on a little note to put up on the frig.
Looking at the 3 Month chart with daily candles and we can see price is riding the $340 level of support. It has the same bear flag action going on as the SPY does. All the moving averages are above the price, the stochastics have been riding the bottom for the last few days, and the MACD is weakening everyday as well.
I took a short position here via PUTS earlier last week and unless the price can find a way to get above the $348 level, I'll be on the PUT train. The goal line defense will be out for the $317.50 low.
In the 6 Month chart with Weekly candle sticks, you can see where that $325.50 level is pretty good looking support. The 100 WMA will probably be around the $328 spot which will set up a buy zone for me as a short term stop to begin with. There should be some kind of defense at this spot put up by the bulls. The stochastics have flipped but the MACD is increasing for a little glimmer of hope for the bulls.
Checking out that 3 Year chart with Monthly candlesticks, it is similar to the SPY with the price spiking below the 20MMA for 2 of the last 3 months. Price is currently below the average and the bull / bear battle is on. I see support at the $310 spot and the $300 level if the bears win in the short term. The bulls need to recapture the $370 spot to get back in control on this chart. The stochastics are moving down with the K and D lines spread apart which is a bad sign. The MACD is sinking and it looks like it is picking up speed here. Aside for a couple of stops here, I see a pretty good slide is possible on a long term basis. I'm thinking of picking up some PUTS with an expiration of Jan 2023 here as a lets see how it goes. A quick look shows me that I can get the 1/20/23 PUTS at the 335 strike for $29.06. I also like the same expiration but with the 250 strike here for a $7.45 price. Mark that one down on a little note to put up on the frig.
