QQQ Daily, 05/05/2014: Time to leave price channel behind?
Normally when you see a big reversal day like today, you have huge volume, but not today as Q's only traded 27 million shares. Still, price is the only thing that pays.
Now, after being contained within this falling price channel for nearly two months it does appear that the Q's will break out of it tomorrow. Depending on how your upper resistance line is placed, you could say that the Q's closed above that upper line today. So if the Q's can get any juice behind them tomorrow then they could not only break out of the channel but push above the swing high of 88.21, which is just below the next resistance level at the 50MA. If the Q's should fail now, then there's something very wrong with this sector. But I don't think they'll fail and the break out of the falling price channel gives us a bull flag. The width of this price channel is almost $4 dollars so the measured move from the break out would ultimately take the Q's above the swing high at 91.36 to around 92. In a perfect world. Let's first see if they can break out of the channel and do so with gusto before worrying about a move to $92.
GL
Now, after being contained within this falling price channel for nearly two months it does appear that the Q's will break out of it tomorrow. Depending on how your upper resistance line is placed, you could say that the Q's closed above that upper line today. So if the Q's can get any juice behind them tomorrow then they could not only break out of the channel but push above the swing high of 88.21, which is just below the next resistance level at the 50MA. If the Q's should fail now, then there's something very wrong with this sector. But I don't think they'll fail and the break out of the falling price channel gives us a bull flag. The width of this price channel is almost $4 dollars so the measured move from the break out would ultimately take the Q's above the swing high at 91.36 to around 92. In a perfect world. Let's first see if they can break out of the channel and do so with gusto before worrying about a move to $92.
GL
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