The QQQ has been fighting off sellers for more than 4 months now and continues to do so. Price spent 2 months dancing around the Weekly TVZ before clearing it and attempting to resume the years long march higher. It’s clear to me that price is waiting for traders’ reaction to the FOMC rate decision and commentary next week.
This daily chart shows the optimal entry point to get long following the change in structure on the weekly chart.
If you’re not already long, your best option is to… wait for another clean long setup.
To be clear, as a student and observer of the global business climate, I am not at all impressed with the fundamentals. Commodities getting annihilated, China growth faltering, increasing terrorist attacks and Brazil’s precarious position are just a few of the challenges facing world markets at the moment.
Since my analysis generally begins and ends with price action considerations, there’s really no need for me to try to parse and predict the outcomes of any or all of those things. I just go where my strategy and price tell me…