Samwise Quick Reference Handbook
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Hi Sam,
What is the technical indication for the QQQ not holding the $600 level? Is it a % below? Time spent below $600? Size and tenacity of the break below?
Thanks!
All of the above. It’s not really a hard and fast rule. Generally, speaking, it would be better for the bull side to hold the $600 level but it doesn’t have to. A successful retest occurs if at any point the QQQ just retakes $600 after falling under it.
Like suppose the QQQ gets down to $597.73 and then rebounds back above to retake $600, that’s a successful retest of the $600 level. What you’d normally see after that is a surge back up to $608 a share.
If a breakdown happens, you’ll know it. It’s typically just selling right though the level with continuation to the downside.
I’d say it’s safely a breakdown at $594 and you can start to really suspect it’s a breakdown at any point in the $596’s. There’s a high degree of suspicion at that point. In the $596’s we’re more than 3-points under.
Hi Sam,
I remember us discussing this before in prior briefings, but I can’t seem to find them again. You’ve classified this consolidation period as “major”. How long do consolidations like these last? Is there a minimum threshold of time until we can call it “consolidation”? If QQQ had a smaller duration “minor” consolidation period, would that have substantially changed the routes it could take at this point?
Thanks!
Really feels like it’s holding the support. Kinda nuts how every time there has been a drop it’s been bought right up again, since April really.., If I didn’t know better I’d say something is propping up the market everyone it starts to falter a bit..
Monday is going to be interesting given we’re at beginning of a month
Kinda regret we didn’t buy any calls on Friday 0.42% crash. Looks like QQQ 620 this week
AMD +60 pre market
This time it is different
This time is different…
QQQ stock unstoppable, I think it’s found a way to silence Sam
QQQ nhod
Someone buying november 560-550 put spread ?