QQQ/Nasdaq Update Monthly Close SEPT
October is gearing up to be an interesting month, so let's have a look at the September close to figure out what comes next.
Things to note:
- broke below bear-flag channel for first time on Sept 1
- set a slightly lower low on Sept 29 & 30th
- closed the month ABOVE the 50EMA
Our relief rally target is @ the Golden Pocket around $295, which would give us a re-test of the BF resistance channel.
Bear targets:
- Bear target #1 BF measured move $257.50
- Bear target #2 $234
- Bear target #3 $218
- Bottom target $200, which coincides with the 100EMA on the monthly TF
Unlike the Dow, the Nasdaq did not break below the 50EMA back in March 2020. The last time it tested the 100 was during the 2008 crisis.
This doesn't mean we can't get that low, but it's important to keep historical PA in mind.
Things to note:
- broke below bear-flag channel for first time on Sept 1
- set a slightly lower low on Sept 29 & 30th
- closed the month ABOVE the 50EMA
Our relief rally target is @ the Golden Pocket around $295, which would give us a re-test of the BF resistance channel.
Bear targets:
- Bear target #1 BF measured move $257.50
- Bear target #2 $234
- Bear target #3 $218
- Bottom target $200, which coincides with the 100EMA on the monthly TF
Unlike the Dow, the Nasdaq did not break below the 50EMA back in March 2020. The last time it tested the 100 was during the 2008 crisis.
This doesn't mean we can't get that low, but it's important to keep historical PA in mind.
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