QQQQ double top today?

[dac8555]

Hit almost axactly ythe high price of a couple months ago and backing off. I smell a short.

 

[tradermaji]

With the elections over, perhaps the manipulators will back off. However, I will wait for the breakout below the trendline before entering. Please see attached chart that explains my view.

Any comments on the technical picture?

 

[dtrader98]

Also, notice how the dems won the senate also. They almost had all the spin down; dems house : rep sen = gridlock = great for no change in status quo.

Now, how are they going to try to spin dems house and senate. Seems like a good catalyst to end the pre election runup. Also, the old january indicator was completely backwards this year, and october was out of whack. Should november not also be out of whack?

Oil coming back as well, now that election pump done. A lot of factors in place for top imho.

 

[EqtTrdr]

Quote from tradermaji:

With the elections over, perhaps the manipulators will back off. However, I will wait for the breakout below the trendline before entering. Please see attached chart that explains my view.

Any comments on the technical picture?

nice chart!!!


thanks

 

[dtrader98]

another potential chart view. QQQQs bounded by fib lines.

 

[S2007S]

Quote from dtrader98:

another potential chart view. QQQQs bounded by fib lines.

keep the charts coming...hey look great

 

[dtrader98]

one more.... see the broadening top on the right forming? Those usually don't end well (for longs that is).

Let me know if I'm overposting as I am a neophyte on the board. Thanks.

 

[Nugget]

I see the broadening at the top. But, it did that late july and shot up the next three months..Your saying it shows a long position isn't the right move here?

 

[DeepFried]

Another chart here. Broad market - Russell 3000 - but interesting top indications IMHO.

 

[DeepFried]

Quote from dtrader98:

Also, notice how the dems won the senate also. They almost had all the spin down; dems house : rep sen = gridlock = great for no change in status quo.

Now, how are they going to try to spin dems house and senate. Seems like a good catalyst to end the pre election runup. Also, the old january indicator was completely backwards this year, and october was out of whack. Should november not also be out of whack?

Oil coming back as well, now that election pump done. A lot of factors in place for top imho.

I agree on all points, and I think we'll get a pullback here, but I'm still wary because of the tremendous upside momentum of the last couple of months.

Re commodities, check out the CRB Index. It's making a strong turn higher.