NDX-100 QQQ has recovered 70% of its Tues-Thurs Swoon. Now What?

The e-NDM (PowerShares QQQ ETF (QQQ) has recovered 70% of the entire downmove from the May 16 all-time high at 5727.25 to the May 18 low at 5550.50.

As long as the price structure remains north of the trendline off of the 5550.50 low, which cuts across the price axis in the vicinity of 5652, we cannot rule out upside continuation that jams the (remaining) shorts late on this Friday session.


  Matched
x
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!