Friday, June 30, 2017 4:01:27 PM
The long-term trend for QQQ is clearly up, but two big bearish engulfing patterns show that a correction is underway. The ETF surged some 28% from the October low to the June high and is currently less than 5% from its all time high. The red oval shows the two bearish engulfing patterns. This week's open-close range engulfed the prior week's open-close range. I realize that this week's candlestick is incomplete, but it would take a 1.5% bounce on Friday to negate this bearish engulfing.
In any case, a short-term downtrend emerged over the last four weeks and this means QQQ is correcting. A normal correction could retrace 38-50% of the prior advance and return to the February-March consolidation. 125 TO 130
TQQQ =82 TO 84
FEATURED Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • Sep 24, 2024 8:50 AM
FEATURED Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM