QQQ/Nasdaq Update Daily TF Sept 22

2022년 9월 22일

The QQQ has broken back below its Bear Flag channel & has been unable to reclaim it since Sept 13.

Price has been getting crushed by the 9EMA resistance & is now testing the July lows as support.

Bearish case:
- Broke back down & below BF channel
- 9SMA curling down (bearish)
- Bear target #1 Gap @ $275
- Bear target #2 re-test June low
- Bear target #3 BF measured move @ 260ish
- Bear target #4 Feb 2020 high pre-cov @ 243ish
- Bear target #5 2018-2019 range @ $180 - $195

We are currently only -3.72% from the June low.

Bullish case:
- Price testing July lows as support
- RSI is getting OS
- Bounce target @ $290 coincides with 9SMA resistance

As with the rest of the risk-on assets, the DXY reaching major resistance & being OB suggests that we could be due for a bounce at some point.

For those who think that my bear targets are crazy, as yourself the following:
- was the covid crash crazy?
- oil going negative nutso?
- ETH-merge major pump & dump?
- 2018 BTC bottom @ $3100 when everyone said, "but the institutions bro"!?!?
- global lockdown that destroyed supply chains worldwide?
- massive money printing mixed with supply chain destruction led to crazy inflation?
Ya, I think you all get my point by now.

Stay safe, remain objective, follow the charts, shut out the hype, and listen to LeMan!