Instrument NameUltrapro QQQ 3X ETFInstrument Symbol(TQQQ-Q)

Instrument ExchangeNASDAQ

Bargain hunters jump on quarterly disappointments

Nasdaq100 (NQM23) is consolidating just shy of the 2023 high, arguably in the advanced stages of a Bull Flag consolidation that began early April.  Odds are elevated for a retest this week, of the weekly chart ascending wedge resistance and the 50% Fib retrace of the bear market from the November 2021 high (as can be seen more easily on a weekly chart on tradingview.com).

Nasdaq100 (NQM23) is consolidating after surging more than 2.5% yesterday, and is trying to complete its 4th straight weekly Hammer or Doji.  NQ is arguably back in the advanced stages of a Bull Flag near the 2023 high (formed in April), where it appears to be gearing up to retest in May, the weekly chart ascending wedge resistance and the 50% Fib retrace of the bear market from the November 2021 high (as can be seen more easily on a weekly chart on tradingview.com).  Before bears get excited, NQ will need a weekly close below ascending wedge support (on the weekly chart). 

Nasdaq100 (NQM23) is struggling to extend a Bull Flag near the 2023 high (formed in April).  With NQ just above the 38.2% Fib retrace of the bear market from the November 2021 high (as can be seen more easily on a weekly chart on tradingview.com), NQ is appearing increasingly unlikely to muster enough upward momentum in its rally off the October low to make a final push by May sometime to upchannel resistance (on the weekly chart).  Before bears get excited, NQ will need to break below upchannel support (on the weekly chart). 

iShares’ stronger flow dynamics suggest more investors might have been looking for market exposures not covered by the relatively narrow range of ETFs Vanguard offers, an analyst says

Nasdaq100 (NQH23) is consolidating after yesterday’s massive 2% plus surge, but is likely to grind higher to the psychologically key 12k whole figure level and upchannel resistance (on the 4hr chart) in the next day or so.  Odds are suddenly moderately high and increasing that yesterday’s break above the weekly chart descending wedge resistance ends the 2022 bear. 

Nasdaq100 (NQH23) slid more than 1% yesterday after getting rejected Wednesday at descending wedge resistance (on the weekly chart). NQ appears to be entering the advanced stages of the Dead Cat Bounce that began early in the new year, with odds increasing for NQ to slide back to this year’s low before month end. 

Nasdaq100 (NQH23) is consolidating after the strong short covering last week, taking a breather before it attempts an extension to descending wedge resistance (on the weekly chart) going into February.  NQ does not appear likely to slide back to the 2022 low before month end, with any test of the psychologically key 10k whole figure level and weekly chart descending wedge support likely deferring until at least mid February.

Nasdaq100 (NQH23) is consolidating after the strong short covering this week, taking a breather before it attempts an extension to descending wedge resistance (on the weekly chart) going into February.  NQ does not appear likely to slide back to the 2022 low before month end, with any test of the psychologically key 10k whole figure level and weekly chart descending wedge support likely deferring until at least mid February. 

Nasdaq100 (NQH23) is consolidating Friday’s rebound back above the psychologically key 11k whole figure level.  Odds are increasing for another month or so long Dead Cat Bounce to gain momentum in the next week, with a roughly equal likelihood of a testing by early February the weekly chart descending wedge resistance, as a sliding to the same wedge’s support in the same timeframe. 

Investors are pulling back on growth forecasts across the cybersecurity industry.

Nasdaq100 (NQH23) is at elevated risk of a descending wedge extension (on the 4hr and weekly chart) in the next week.  NQ appears less likely to bounce back by late January to descending wedge resistance (on the weekly chart) than it is to break in the same period below the 2022 low to wedge support. 

Nasdaq100 (NQZ22) is trying to edge higher to kick off 2023, but remains vulnerable to a descending wedge extension (on the 4hr and weekly chart). NQ appears less likely to bounce back by late January to descending wedge resistance (on the weekly chart) than it is to break in the same period below the 2022 low to wedge support. 

Nasdaq100 (NQZ22) is trying to hold the 2022 low going into year end as seen by the near complete weekly Hammer.  Nevertheless, NQ appears less likely to bounce back by late January to descending wedge resistance (on the weekly chart) than it is to break in the same period below the 2022 low to wedge support. 

Nasdaq100 (NQZ22)’s Dead Cat Bounce (off the October low) is all but over, but is trying to hold the 2022 low going into year end.  Nevertheless, NQ appears less likely to bounce back by early January to descending wedge resistance (on the weekly chart) than it is to break in the same period to a fresh 2022 low.  Watch for potentially sharp volatility in this holiday-shortened week with lower liquidity. 

Nasdaq100 (NQZ22)’s Dead Cat Bounce (off the October low) is all but over as seen by the sharp reversal from the December high to near the 2022 low.  NQ appears less likely to bounce back before year end to descending wedge resistance (on the weekly chart) than it is to break in the same period to a fresh 2022 low.

Nasdaq100 (NQZ22)’s Dead Cat Bounce (off the October low) is all but over as seen by the sharp reversal from last Tuesday’s fresh December high.  Nevertheless, any holding of the November low before Xmas will put a retest of descending wedge resistance (on the weekly chart) by early January into play. 

Nasdaq100 (NQZ22) is exhausting on its Dead Cat Bounce (off the October low) as seen by Tuesday’s sharp reversal after posting a fresh December high.  NQ is suddenly at a new December low, and just a week or so’s volatility from retesting the 2022 low.

Nasdaq100 (NQ) is showing fatigue in its Dead Cat Bounce off the October low, sliding back to just above the 38.2% Fib retrace of the August to October slide.  Odds are fairly low for NQ to extend higher within its Oct-Nov Dead Cat Bounce before the Xmas lull to the 61.8% Fib or the weekly chart downtrend/descending wedge resistance. 

Sometimes, even two opposing trades can both lose.

Nasdaq100 (NQZ22) is extending yesterday’s strong ~3% rebound, breaking above downchannel resistance (on the daily chart).  NQ appears to be in the early stages of what will likely be a month long or so Dead Cat Bounce. 

Nasdaq100 (NQZ22) is trying to firm and bounce off downchannel support (on the daily chart) but remains vulnerable to testing the 2022 low before the weekend.  Regardless of any bounce off the June low or the psychologically key 11k whole figure level going into next week, NQ appears ready to extend its weekly chart downchannel in October. 

ProShares, a premier provider of ETFs, announced today forward and reverse share splits on seventeen of its ETFs. The splits will not change the total value of a shareholder’s investment and will be effective on two separate dates.

ProShares, a premier provider of ETFs, announced today forward and reverse share splits on twelve of its ETFs. The splits will not change the total value of a shareholder’s investment.