Commentary

5/12/21 The Homestretch

There is a possibility that this structure tips over at around 405, putting the prospective move to 405 – 20 = 385. That is around the late March low, that puts the target above 370 which is the early March low. The 52 week SMA is at 355. The support at 410 proved to be as ephemeral as it looked.

QQQ is making some beautiful negative technical chart moves. It started the slide on Friday with that highly negative touch of the 18 day SMA, and then today it opens at the bottom of the Tuesday rebound day which touched the 54 day SMA at its high.

This structure can also topple… something like 342 – 322 = 20. 322 – 20 = 302. The puts the couch potatoes below the 307 minor low but above the 297 low from early March. Strikes me as a bit optimistic.

On the other hand, the signal tomorrow looks like x00, which is a mechanical buy.

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