Key Reversal Bar Seen on NASDAQ QQQQ
I wanted to highlight an interesting potential “Key Reversal” bar in the NASDAQ ETF QQQQ. Let’s take a look:
Dojis at the Highs – A Look at DIA QQQQ and SPY
All three major US Stock Market Indexes – along with their respective ETFs – have formed two dojis in a row above their upper Bollinger Bands. While this certainly doesn’t guarantee a reversal, it’s at least a warning sign that would benefit us to take a closer look.
Let’s see the price moves of the DIA, QQQQ, and SPY off their March lows and take a look at the current doji candles along with other instances where at least two dojis in a row formed… and see what happened next.
Elliott, TICK, and Momentum Divergences Create Power Trade in QQQQ
It’s rare when all of you indicators point in the same direction, but when it does, a powerful trade can open up. I wanted to show you such a trade that just completed in the QQQQ: Real quick, price formed a 5-wave Elliott Wave fractal into the intraday highs, but more importantly, notice it did…
Trading Wednesday’s Trend Day
How might we have identified and taken advantage of today’s developing trend structure? Let’s take a couple of perspectives. First, we, along with many other traders, have been expecting some sort of ‘oversold technical bounce,’ meaning odds were increasing for some sort of ‘snap-back’ rally, similar to the visual concept of a rubber band being…
Fascinating Intraday Action Revealed
Today’s intraday price action in the major US Indexes was nothing short of fascinating. Swift moves caught both longs and shorts off guard, and momentum, velocity, and volatility was high – despite the day ending not far from where it started. DIA 5-minute chart: I expected an upside, potential upside reversal bias to the day…
Market Loved, Hated the Fed Decision
As evidenced by today’s intraday price action, you’d think the market either had schizophrenia or was potentially bi-polar. Once the decision to hold interest rates unchanged at 2%, the market swung sharply four times before settling down for the close. Was there any chance of profit in this volatilty? Let’s look. The NASDAQ QQQQ ETF:…
Intraday Reversal Action Stuns Traders
Today’s action was stellar both for the bulls and the bears, turning what looked like a trend day up into yet another end-of-day sell-off into the close. Let’s look at some possible trade ideas that you could have taken within this structure. I had expectations for price movement to the downside at the open, but…
Intraday Trend Day Yet Again
The market indexes gave us another strange styled trend day today, with the market opening on the lows and closing on the highs while providing excellent retracement entry trades along the way. Let’s examine it: While traditional (or powerful) trend days begin with an opening gap, today’s price action opened very close to yesterday’s close. …
Indexes Trapped though NASDAQ Outperforms
The US Markets remain trapped beneath their 200 day moving average but above their rising 20 period average. A breakout is likely, but in which direction will it occur? Let’s look at the SPY (S&P 500 ETF): The 200 period average is declining while the 20 is rising, and price is in a strong uptrending…
Trend Day Turned Upside Down
Today’s intraday action began with the promise of another trend day in the market, but ended on a terrible note, reversing the action into the close and causing a cascade off intraday highs for most stocks. Let’s peek at the action via the DIA (Dow Jones ETF): Trend days often start with an overnight gap…