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Tuesday, August 01, 2017 9:42:38 AM
e-NDU (QQQ) Remains Vulnerable to AMZN
By MPTrader | August 1, 2017
All of the action off of last Thursday’s new all-time high has the right look of an incomplete correction after a completed July upleg from the July 4 electronic low at 5560.25 (135.80) to the July 27 high at 5996.75 (145.96).
If the e-NDU (PowerShares QQQ ETF (QQQ)) breaks 5844.75 (142.30), the index will become increasingly vulnerable to a press towards targets of 5777 and 5725.
That said, as long as last week's lows in the vicinity of 5850 (142.50), the larger June-July high-level, base-like accumulation pattern remains intact, and, thus, potentially bullish, and points to upside targets of 6032 (146.30) and possibly to 6142.75 (148.77) thereafter.
In other words, e-NDU (QQQ) is in a transitional period as we speak-- either in the early phase of a developing deeper correction, or in a bullish digestion phase prior to launching into a new upleg to new all-time highs.
Right now, my sense is that we should watch Amazon.com, Inc. (AMZN) for clues.
If AMZN is unable to climb back above 1001 on a closing basis at a minimum, and unable to recover beyond 1033-1040 in general in the upcoming hours/days, then it should roll down towards 960-950, and possibly to 910-890 thereafter.
Right now, as AMZN goes, so goes the NDX and QQQ.
https://www.mptrader.com/middayminute/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By MPTrader | August 1, 2017
All of the action off of last Thursday’s new all-time high has the right look of an incomplete correction after a completed July upleg from the July 4 electronic low at 5560.25 (135.80) to the July 27 high at 5996.75 (145.96).
If the e-NDU (PowerShares QQQ ETF (QQQ)) breaks 5844.75 (142.30), the index will become increasingly vulnerable to a press towards targets of 5777 and 5725.
That said, as long as last week's lows in the vicinity of 5850 (142.50), the larger June-July high-level, base-like accumulation pattern remains intact, and, thus, potentially bullish, and points to upside targets of 6032 (146.30) and possibly to 6142.75 (148.77) thereafter.
In other words, e-NDU (QQQ) is in a transitional period as we speak-- either in the early phase of a developing deeper correction, or in a bullish digestion phase prior to launching into a new upleg to new all-time highs.
Right now, my sense is that we should watch Amazon.com, Inc. (AMZN) for clues.
If AMZN is unable to climb back above 1001 on a closing basis at a minimum, and unable to recover beyond 1033-1040 in general in the upcoming hours/days, then it should roll down towards 960-950, and possibly to 910-890 thereafter.
Right now, as AMZN goes, so goes the NDX and QQQ.
https://www.mptrader.com/middayminute/
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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