NQ / NASDAQ / SP500 - Preparing for bullish buy signals

Jun 8, 2018

The QQQ have been on a tear for about a week now. If you we're watching my analysis from 3-4 weeks ago you were aware of the inside bar setup that I was waiting for a bullish breakout of. Although we had a false break down on 5/23, price immediately recovered and the bullish breakout that I had been predicting did ensue. The price action on 5/23 produce a very bullish Inside-Bar/False Break pattern as well as a bullish engulfing bar, all above a critical support level. This generated a number of overlapping buy signals that many of you, including myself ended up going long on. I cashed out as price approached upper resistance and now we can see price has begun to pull back a bit. I will be watching for price to fall back to the support zone and then new bullish buy candlestick patterns to form such as a bullish pin bar, bullish engulfing bar or inside-bar. As long as price remains above 7,000 I am going to be strongly bullish and be watching for any signals to get long with the trend.