QQQ daily - possible bullish momentum but only in short term

8 Oca 2023

The QQQ is at support - a horizontal line that has successfully bounced off forth times which is bullish.
Friday finished strong up days closing above 8 MA which is bullish.
QQQ is below MAs (20,50,200) which is bearish.

The volume is higher which confirmed a bullish move on Friday - more bullish than bearish.

RSI is moving up which is bullish.
MACD histogram tick is smaller and smaller while the MACD line could go above the signal line, signaling a possible bullish momentum in price which is bullish.

Overall: a bounce to 274-278 (FIB 0.3285 or 0.5) is likely. In that case, the conditions would be met for the formation of a strong pattern called Bear pullback.
Only by daily closing above the green (20 MA) and blue (50 MA) lines could be said to be bullish.
Falling below the dotted line opens up the possibility of a strong fall below the lower trend line.

12 Oca 2023

İşlem kapandı: hedefe ulaştı

QQQ reaches the target and the day closes below the smaller blue line which could indicate we are at the end of the up leg. The only strong move tomorrow would save the QQQ.
If we close tomorrow below 50 days MA there is a high possibility we will continue with a move down on Monday too.
Breaking above the trend line opens possibility for a further move toward the 282.5 area or a bigger trend line