Nasdaq/QQQ short term outlook
Nasdaq is Dangling the carrot of an inverted H&S in front of us. Let's take a look at what are our obstacles in front of us; No need to mention the 10 yr yield.
Yellow line - (13034) Weekly Fib support 1.618.
Blue line -(13286) 13, 21 moving average/ Daily Fib resistance 0.5 . This the nearest resistance .
Pink line - (13422) 50 MA second resistance point. The RSI also hints at resistance around this point. if you draw a down trendline on your RSI from on feb11th to March 17th
Greenline - If there will be a inverted H&S it will need to break this final line.
Would love to see it hold its weekly support at 13034
This morning it's up 64 points premarket and hasn't been able to budge much higher which tells me 21ma resistance is in play. Yellen and Powell will speak tomorrow so let's see how that plays out
Yellow line - (13034) Weekly Fib support 1.618.
Blue line -(13286) 13, 21 moving average/ Daily Fib resistance 0.5 . This the nearest resistance .
Pink line - (13422) 50 MA second resistance point. The RSI also hints at resistance around this point. if you draw a down trendline on your RSI from on feb11th to March 17th
Greenline - If there will be a inverted H&S it will need to break this final line.
Would love to see it hold its weekly support at 13034
This morning it's up 64 points premarket and hasn't been able to budge much higher which tells me 21ma resistance is in play. Yellen and Powell will speak tomorrow so let's see how that plays out
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