Text Book Head&Shoulder Pattern in NQ

[Rickshaw Man]

We are now returning back to the neckline. The most important part is the rising volume as prices fall.

The measured move for this particular pattern is down to 11800. I can almost guarantee you this will not happen. I have seen so many of these fail for the past 10 years. I'm fairly certain the FOMC will interfere.

 

[S2007S]

Of course it's NOT going to fail. The fed will save the day every day all day, it's simply a guarantee. We have seen these market circumstances how many times in the last decade? Everytime it's up up and awayyyyyyy.

 

[murray t turtle]

We are now returning back to the neckline. The most important part is the rising volume as prices fall.

The measured move for this particular pattern is down to 11800. I can almost guarantee you this will not happen. I have seen so many of these fail for the past 10 years. I'm fairly certain the FOMC will interfere.


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QQQ could easy downtrend to 200dma/@285;
cut a loss on tech x3 inverse+ took profits on qld today.

MAR + OCT can be wild/actually i thought today was going to be a big down day[1;29 cst]

 

[treeman]

For such a huge UP day (largest rally days are in downtrends), advancing/declining volume wasnt that great. It wasn’t a broadly participated rally. And the NYSE was asleep today. Probabilities lean towards this being a deadcat bounce. I’m short the nq, long rty. This is only effecting the Nasdaq growth stocks. No banks in the Nasdaq. That’s not to say it’s going to crash, but further 10% downside. I can easily see that. This rotation isn’t over, and it’s thrashing the Nasdaq.

 

[Amatrue]

advancing/declining volume wasnt that great. It wasn’t a broadly participated rally

What if most market participants are bullish and are not selling, thus there is little resistance on the way up generating lower volumes. Looking at volume across a time horizon is ambiguous most of the time that is why OBV indicator is ass, better to use volume profile

 

[treeman]

What if most market participants are bullish and are not selling, thus there is little resistance on the way up generating lower volumes. Looking at volume across a time horizon is ambiguous most of the time that is why OBV indicator is ass, better to use volume profile

Play it as you see it, but a huge +4.5% up day and adv/declining didn’t spike? And light volume? And the nyse is asleep? That’s not a foundation to build a run up on. At least for me.

Little demand, even less supply today. For some beaten down names. It looks like a sleepy market today, outside of a small pocket where a bounce was due. Those are not attributes you adhere to initiation days.

 

[murray t turtle]

For such a huge UP day (largest rally days are in downtrends), advancing/declining volume wasnt that great. It wasn’t a broadly participated rally. And the NYSE was asleep today. Probabilities lean towards this being a deadcat bounce. I’m short the nq, long rty. This is only effecting the Nasdaq growth stocks. No banks in the Nasdaq. That’s not to say it’s going to crash, but further 10% downside. I can easily see that. This rotation isn’t over, and it’s thrashing the Nasdaq.

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Fine with me if sqqq make money this week or tqqq does Today\cut a loss on 3x tech inverse. Took profits on QLD today/its till going up with 68 minutes till close.
QQQ volume is above 50 dma average volume;
but qqq or sqqq can uptrend nicely with below 50 day average volume+ both have.
MAR + OCT can be wild in QQQ + have .
QQQ 2oo dma =$285 area/not a prediction.....................................................

 

[treeman]

Said another way, this move lacked participation. The floor on that is worth looking at.

 

[murray t turtle]

Said another way, this move lacked participation. The floor on that is worth looking at.

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Another way to look @ that;
i dont care what100% of the USA stocks do because i dont own them all .
I hope everybody in my neighborhood keep thier yard up but i dont have much control over that.
IBD puts advance decline line under SPY 500 or S&P 505 I never found it much help maybe he did??

 

[wiesman02]

Said another way, this move lacked participation. The floor on that is worth looking at.

How do you measure "the move lacked participation" ? If you are using volume, I believe its somewhat normal to expect this after the market pulled back via an ABCDE pattern.....plenty of confusion and people waiting for further confirmation. On top of that, we are up almost 200 ES points in 3 days. Its tough to find value at these nose bleed levels.