Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

QQQQ in Triangle Consolidation Pattern


The perspective of the Q's shows the triangle consolidation-type pattern that has developed off of the 11/24 high at 44.86, which remains intact as we speak, but which shows that the lower triangle support line is under pressure (at 43.65/45). A sustained violation of the prior low at 43.48 should trigger downside follow-through that tests a more important pivot low at 43.26 from 12/01. If that level is violated, then we will have ourselves a near-term top in the Q's that projects a target zone of 42.20-41.90. Conversely, inability of the Q's to press lower will keep the triangle pattern intact, and so too the bullish scenario that calls for one more upside thrust into the 45.20/50 area to complete the July-Dec upleg. Much depends on how the market reacts to the FOMC statement in T-minus 1:15.
  • 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!