This Week's Major Indices 5\16 - 5/20
The major US futures indices opened with a nice gap up to the green side and are still climbing as i am posting this. This is a very bullish start to the week. Especially after we are massively oversold in the mid term and long term on all of the major indices and the overall market in general. Futures soon sold off with Chinese markets when they opened due to back economic data for the month of April in China. We should be overdue for a relief rally soon. But be carefull when we see a little red at first because on the very short term we are quite overbought. So be patient and dont jump in too quick.
$Invesco QQQ Trust(QQQ.US$
I will go over the NASDAQ index because it is in a much clearer price channel and I am expecting tech to outperform other areas of the market if we do truly get a relief rally this week. You can see that QQQ has been traveling in this 4 hour price channel for quite some time. Last week on Thursday the share price dropped a little to much to the downside out of this price channel. An overextension like this can lead to very short term traders buying in. As the price gaped up Friday morning back into the channel and continued to climb throughout the day. If we continue the trend in this price channel you can expect QQQ’s price to reach the resistance of this channel and continue back down. If we break above this resistance this week thin it will look even more bullish.
$Invesco QQQ Trust(QQQ.US$
I will go over the NASDAQ index because it is in a much clearer price channel and I am expecting tech to outperform other areas of the market if we do truly get a relief rally this week. You can see that QQQ has been traveling in this 4 hour price channel for quite some time. Last week on Thursday the share price dropped a little to much to the downside out of this price channel. An overextension like this can lead to very short term traders buying in. As the price gaped up Friday morning back into the channel and continued to climb throughout the day. If we continue the trend in this price channel you can expect QQQ’s price to reach the resistance of this channel and continue back down. If we break above this resistance this week thin it will look even more bullish.
Just as all the major US indices, QQQ is severely oversold on the daily candles and is currently sitting near a strong trending support level you can see below. The RSI, MACD, and KDJ appear to be pointing toward some short term upside at least. The chart may look like QQQ is about to melt down but if we are not going to completely melt down this week then we should get some green days to cool off this overheated downtrend.
$SPDR Dow Jones Industrial Average Trust(DIA.US$ $SPDR S&P 500 ETF(SPY.US$ $Invesco QQQ Trust(QQQ.US$ $iShares Russell 2000 ETF(IWM.US$ $VIX Index Futures(AUG4)(VXmain.US$ $Crude Oil Futures(AUG4)(CLmain.US$ $iShares 20+ Year Treasury Bond ETF(TLT.US$ $SPDR Gold ETF(GLD.US$ $iShares Silver Trust(SLV.US$ $Hang Seng Index(800000.HK$ $SSE Composite Index(000001.SH$ $Tesla(TSLA.US$ $Apple(AAPL.US$ $Microsoft(MSFT.US$ $Meta Platforms(FB.US$ $Twitter (Delisted)(TWTR.US$ $Alibaba(BABA.US$ $Baidu(BIDU.US$ $PDD Holdings(PDD.US$ $Bilibili(BILI.US$ $JD.com(JD.US$ $DiDi Global (Delisted)(DIDI.US$ $Hang Seng TECH Index(800700.HK$ $CSI 300 Index(000300.SH$ $SSE 50 Index(000016.SH$ $FTSE Singapore Straits Time Index(.STI.SG$ $FTSE Straits All-Share Index(.FSTAS.SG$
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solo invest : It looks like we should get some Green Day’s to slow the meltdown. But everything looks bad. I can’t find a good reason to buy anywhere lately
SpyderCall OP solo invest : We need some green. Could go red today for a bit before going green because the short term indicators are overbought. The very short term indicators.