QQQ has been in BreakOUT/Momentum for the entire year of 2019 so far. Here is the thing… from what I see today, if we do not have a green candle on QQQ tomorrow, I feel that QQQ may pull back to the 10, 20, or 50 day SMA ( Simple Moving Average) in the next few days. If it has a red candle tomorrow, we will be talking more about what I will be looking for. But today was more of a cautious day than anything after coming back from the State Of The Union last night. Very pleased we did not see any major selling pressure after the speech last night, so now we need to see what happens tomorrow.
Also, keep in mind that the next possible govt shutdown may be happening on the 15th again, which is next Friday. So, we may see the market remain calm until after that deadline. If we get a deal done before the deadline, I feel we would see a nice move higher in the markets. That is my opinion with my experience, now we just need to wait and see what actually happens! Our trade plan for me is the key factor when I determine to exit a trade.
Lets see what happens tomorrow and will see you in the Trade Room!