QQQ has another nice set up for a dip buy with a hourly oversold RSI with a higher low. Price still remains above the gap up area on July 6th which is the area of interest for buyers and is the zone where support was found today. The fractal pattern is very similar to what we formed in June. It looks like a bull flag formation with a measured move giving us a target just above 280 by early August.
I had posted previously that other sectors such as XLF and IWM were set for nice run ups and were set to outperform QQQ. So it is no surprise that QQQ is showing relative weakness. Those 2 sectors were green on the day and their charts seem to be playing out nicely.
Previous set up on QQQ oversold hourly RSI
XLF long call
IWM long call
I had posted previously that other sectors such as XLF and IWM were set for nice run ups and were set to outperform QQQ. So it is no surprise that QQQ is showing relative weakness. Those 2 sectors were green on the day and their charts seem to be playing out nicely.
Previous set up on QQQ oversold hourly RSI
XLF long call
IWM long call
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Fractal I'm currently looking at.
