Hi Stock,
RE ideal time to short QQQQ, I am not sure how you arrived at that number. But because of heavy overhead from multiple sources, I think QQQQ will get turned back before $36.80, most likely about $36.35 - $36.40. I detailed those resistance levels here:
Message 21291267
$38.30 by the end of August would be a daunting task for QQQQ as well, because of heavy resistance hovering just above $38, beginning at about $38.15. Whether QQQQ can reach $38.30 by then will depend upon what the semiconductors do. Here's the $SOX:
139.142.147.218
stockcharts.com[w,a]daclyyay[dd][pb50!b200][vc60]&pref=G
It will take about 2 months for the $SOX to reach the upper BB rail, or the beginning of July. At that point, the $SOX will be at the upper part of its trading range, and close to or at chart resistance at $450. What the $SOX does then will determine how strong QQQQ is, and that in turn will determine whether resistance above $38 can fall by the end of August. If the $SOX breaks out of its trading range, then $38.30 or higher in QQQQ is indeed likely; if the $SOX is turned back, then so too will QQQQ get turned back above $38.
I don't follow SPX regularly, but the same considerations apply, though the effects on SPX will be somewhat diluted.
T |
