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May 27th, 2020: IWM and QQQ 60-min Chart Update

Posted by pugsma on May 27, 2020

IWM 60-min chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

4 Responses to “May 27th, 2020: IWM and QQQ 60-min Chart Update”

  1. Bill S. said

    Found a REALLY interesting stat for NDX based on today’s pattern:

    -Close up on a hammer candlestick (close within top 2% of daily range and candle tail >= 2x body)
    -Did not make a 20-day high
    -Closed above 200 MA
    -Mildly overbought (50<RSI5<70)
    -In a persistent uptrend (at least 1 month since RSI5 oversold reading)

    5 previous historical instances. All 5 either had already made an intermediate-term top or would go on to make one within 3 trading days. And the amazing thing is that ALL 5 suffered intermediate declining phases lasting 1-4 months, with 100% trading lower than the signal date 3 months later… June swoon coming?

  2. rat8nine said

    Thanks Steve, great work all around.

  3. pugsma said

    Wow look at these back to back bullish monthly candies on QQQ.

    Setting up a potential “3 white soldiers” super bullish candle stick pattern.

  4. doubleug said

    With QQQ making a marginal new uptrend high on Friday, would you mark that as the end of Major 1 or part of a much more bullish sub-wave within Major 3?

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