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May 20th, 2022: IWM and QQQ Chart Update

Posted by pugsma on May 20, 2022

7:05 pm EST: I wanted to at least get the IWM and QQQ daily chart updates out tonight, because the QQQ hit 280.21, which is a near perfect major [C]=[A] target of 180.68 for P2-C3.

IWM 60-min chart:

IWM Technical Analysis

IWM daily chart:

IWM Technical Analysis

IWM weekly chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

QQQ daily chart:

QQQ Technical Analysis

QQQ weekly chart:

QQQ Technical Analysis

2 Responses to “May 20th, 2022: IWM and QQQ Chart Update”

  1. pugsma said

    I just added the QQQ 60-min and weekly chart updates.

    A few points on the QQQ weekly chart:

    1) As of the on Friday, May 20th, the weekly RSI was at 22.14. Lower than at any point going all way back to Oct 2008, where the QQQ bottomed 5 months ahead of the SP500 in March 2009.
    2) The 200-week EMA is at 277 and QQQ hit 280. The 200-week EMA has contained the QQQ pull-backs from the COVID low in March 2022 all the way back to August 2021 low for P2-C1.
    3) At 280 the QQQ is trading at only +18% above the pre-COID peak at 237. Imagine buying the worlds 100 top technology companies at a -30% discount, up just +18% From a 2 year ago peak.

  2. pugsma said

    I just added the IWM weekly chart:

    1) IWM traded at 168.90 this week, which is -1% below it’s pre-COVID peak of 170.56.

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