A nice bullish set-up could well be on offer here on QQQ. Here’s why:
From a fundamental standpoint, smart money hedgers are aggressively buying Nasdaq investment vehicles across the board. They are holding multi-year extreme bullish exposure on the Nasdaq 100 (11177.00 contracts), Nasdaq 100 Mini (55882.00 contracts) and Nasdaq Combo (25.57 contracts). It’s important to note that when smart money hedgers reach an extreme (bullish or bearish) as they are now, they tend to drive the markets in question, however, this data alone is not to be taken as a buy or sell signal.
The technical illustration appears to also line up nicely with the fundamental outlook. The multi-month rising channel (A) remained intact as QQQ bottomed exactly at channel and falling wedge support (1). This could be construed as a buy signal albeit an aggressive one, above (2) would be the safer option to consider going long for the short-medium term.
From a fundamental standpoint, smart money hedgers are aggressively buying Nasdaq investment vehicles across the board. They are holding multi-year extreme bullish exposure on the Nasdaq 100 (11177.00 contracts), Nasdaq 100 Mini (55882.00 contracts) and Nasdaq Combo (25.57 contracts). It’s important to note that when smart money hedgers reach an extreme (bullish or bearish) as they are now, they tend to drive the markets in question, however, this data alone is not to be taken as a buy or sell signal.
The technical illustration appears to also line up nicely with the fundamental outlook. The multi-month rising channel (A) remained intact as QQQ bottomed exactly at channel and falling wedge support (1). This could be construed as a buy signal albeit an aggressive one, above (2) would be the safer option to consider going long for the short-medium term.
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