Top 5 Weekly Trade Ideas #5 - QQQ Shorter Term Paths

9月24日

QQQ finally had the big triangle breakout last week, but has struggled at a previous high around 485 as expected. I think this is a critical spot to determine the action for the rest of the week. QQQ needs to sustain itself above the triangle and hold on any retests. If we do reject that hard, I'll be looking to take profit on shorts at the 10 month uptrend line below and potentially hold runners to the August low.

To the upside, if QQQ can take out this 485 level I would expect a quick move back to ATH. That would also put NQ near 21k so I'd expect strong resistance there. It may break, but we can worry about that when the time comes. For now, focusing on the 485 level and the triangle below it just broke out of.