QQQ Thoughts 9 December 2014

The last 2 trading days have seen the beginnings of a swoon (Monday), an additional drop Tuesday morning, followed by an afternoon recovery.  As such we appear poised to resume the steady march higher we’ve been on.

The weekly chart was never in any real danger as price didn’t even approach the value zone.  For that matter, the Support Zone evidenced by the gray horizontal line just above $100 doesn’t look to have been in any real peril either.

QQQ W 9Dec2014

 

And the daily looks to be setting up for a potential entry… finally.  If it triggers, it will be the first daily signal since the October 2014 Workshop, so be sure to take advantage of it.  And don’t forget your Hard Stop.

QQQ D 9Dec2014

There are also lots of stocks structured correctly on the weekly charts with approaching daily setups.  Just as an example, have a look at AAPL as well…

AAPL D 9 Dec 2014

At any rate, spend some time with your charts looking through different names and their price structures.

Good trading.

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