Thursday, August 31, 2017 1:20:09 PM
Major Test For NASDAQ 100: Is This Bullish Or Bearish?
The NASDAQ 100 (QQQ) has seen massive buy interest in the last three trading days. The two areas seeing the most money flow are biotechnology and key stocks like Apple (AAPL), Facebook (FB), Netflix (NFLX). Basically the FANG names. As a pro, my eye jumps right to the high on the QQQ $146.00 previous high made on July 27th. When this high was made, we saw a massive reversal. Today, we have tested that high again. The big question for any pro trader is, will we close the day above that high? Why is that significant? On a technical basis it will erase that bearish reversal day from July 27th. Should the NASDAQ 100 (QQQ) close above that level, it becomes a bullish chart with likely further upside. However, if the QQQ fails to close above it, the bearish reversal from July 27th still has control. I hope this explains how an expert analyzes a chart to determine a bullish or bearish bias.
Gareth Soloway
InTheMoneyStocks
The NASDAQ 100 (QQQ) has seen massive buy interest in the last three trading days. The two areas seeing the most money flow are biotechnology and key stocks like Apple (AAPL), Facebook (FB), Netflix (NFLX). Basically the FANG names. As a pro, my eye jumps right to the high on the QQQ $146.00 previous high made on July 27th. When this high was made, we saw a massive reversal. Today, we have tested that high again. The big question for any pro trader is, will we close the day above that high? Why is that significant? On a technical basis it will erase that bearish reversal day from July 27th. Should the NASDAQ 100 (QQQ) close above that level, it becomes a bullish chart with likely further upside. However, if the QQQ fails to close above it, the bearish reversal from July 27th still has control. I hope this explains how an expert analyzes a chart to determine a bullish or bearish bias.
Gareth Soloway
InTheMoneyStocks
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