- NASDAQ about to breakout.
- Conservative estimates 100-200 points imminent in the next few days.
- UBNT Ubiquiti Networks. TWLO Twilio. TTD The Trade Desk. PAYC Paycom Software, Inc. Leading growth stocks.
When a Godzilla or KingKong is moving and running, it is common sense not to second guess what you see.
There is a trading maxim i learnt a few years ago – trade what you see and not what you think. at present it looks like its going to take off! 2 days the KingKong the beast called NASDAQ closed above its 200 days Simple Moving average
you see in the following charts – the first chart is OBV – On balance volume of QLD – DOUBLE NASDAQ 100 ..when on 10/04/2019 it was 53 million shares. Just yesterday we are 12 points below the close on 10/04 and we hit 53 million shares. Accumulation.
Secondly, look at the second chart of NQH19 futures contract. Incredible ascending triangle! Breakout imminent on NASDAQ.
other signs – Both S&P and DOW Jones have easily surpassed the 200 day SMA recently which just acted like token resistances (according to IBD)
So here we are
end of month and end of week, and end of quarter
the charts are beautiful and worthwhile
my decision : continue in QLD
- NDX 3 months daily chart comfortably above the 9 EMA daily (7519), currently at 7545.50, about 25 points above 9 EMA Daily.
- on Friday NDX did not give up so much of any of Thursday’s gains.
- 2 red flags on QLD Wednesday and Friday last week 12th and 14th September – Green price candles on Red volume in Heiken – Ashi chart. good volume 1.39 and 1.27 million.
- ES broke all short term nasty resistances at 2890 and 2895.
- good sign – NYSE advance decline line 5 days of increase. 1433 stocks up in 1.58 million volume and 1344 down in 1.27 million volume.
- Accumulation Distribution – C- on S&P 500 and B- on NASDAQ.
- Market sentiment indicator – since Thursday (sept 5th) and Friday (sept 6th) was big fall in the market the sentiment indicator went down from 62.3 to 56.1.
- very good sign – the above chart – the percentage of S&P 500 stocks above their 50 day SMA has gone up top 68.45 !
decision – i am going to stay in the market.
today is : Thur September 6th 2018 around 9:30 am Hyderabad, India. Time in New York City : 00:08 am on Thursday September 6th 2018
well them days!
a good pull back put some breaks and exits some people.. yesterday a good bounce off 22 SMA for QLD and NDX is a good sign
never the less the high volume sell off of last 25 -30 trading days has gone up to 5 for the entire market. the +1.2 % sell off in NDX had first occurred on August 15th and then just yesterday.
Now its the 5th continuous decline in S&P last 5 trading days but there is a silver lining. the accumulation distribution line A-D line has flattened with 1533 stocks down in 1.50 Billion volume and 1258 stocks up in 1.6 billion volume (yesterday was 990 stocks up in less than billion volume)
QLD has a clear slicing of 9 EMA on daily chart on higher volume – 517 K volume.
Now look at FFTY below – the leading growth stocks ETF. What a bounce above 22 day SMA and it closed just below the 9 EMA!
decision : stay in QLD.
for NQ As soon as euro market is opening it is falling
currently : 7525 is a good support and 7550 and 7600 and 7625 is nice resistance
AMZN, MSFT, GOOG, APPL is 25 +% of NASDAQ! only APPL held good yesterday
Happy trading !