Don’t Give Up on the Nasdaq Yet
- Posted by Greg Harmon
- on April 18th, 2013
The Nasdaq, represented by the $QQQ, has seen as the laggard on the market rise through March. Rightly so as the Russell 2000 barreled ahead and the S&P 500 was close behind. The QQQ was the slow plodder higher. From the daily chart below you can see the rising channel that began at the November lows. With Wednesday’s action, touching the bottom rail and then retreating back up to the
rising 50 day Simple Moving Average (SMA) it is not tome yet to throw in the towel on a continued move higher. The weekly chart gives more reasons to hold. The RSI is trending higher, the MACD is trending higher on the signal line and the price is trending higher and above the SMA’s. Additionally it is working on an ABCD pattern that completes at 71.85 or 74.70 if it turns out to be a 1.27AB extension. I like the latter
as that is also very close to the 3-box reversal Point and Figure price objective of 76. If price does reverse and negate these signals I will get out. But it is not time yet.
Join the Dragonfly Capital Views Premium Membership
Its Time For a Sale at Dragonfly Capital!
This is the last week! The Annual subscription rate for the Premium Dragonfly Capital Views Service, has been cut by 20% to $600. That is nearly 45% off of the monthly rate for a year! Follow this link to start your subscription, with free 7 day trial, today.
Want to learn more about Dragonfly Capital Views?
Dragonfly Capital Views Performance Through March 2013 Expiry
If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
- Top Trade Ideas for the Week of September 2, 2014: The Rest
- Top Trade Ideas for the Week of September 2, 2014: The Rest Premium
- Top Trade Ideas for the Week of September 2, 2014: The Best
- Should Trading and Investing Really Not be Fun?
- SPY Trends and Influencers: Monthly Edition August into September 2014
- SPY Trends and Influencers August 30, 2014
- Macro Month in Review/Preview August into September 2014
- Macro Week in Review/Preview August 29, 2014
- Premium Earnings 8-29-14
- Stocks and Bonds Rising Together – Its Not So Strange