Week in Review
QQQ finds support on the weekly chart
With the first trading week of 2023 in the books, we find that QQQ has found support on the weekly 250 period moving average. The volume for the week was light, but positive. The question I ask is, have we found support here at the 250 week moving average or is this just another pause to lower lows? With corporate earning reports beginning to be released this month, we are most likely going to see more volatility to the downside.
I am expecting this week starting tomorrow January 9 to produce more volatility and more pressure to the downside. I’ve added $100 to my principal trading amount as of Thursday of last week. So, I will be putting more to work. I plan to add $100 to my principle each month.
As of Monday, the 9th, my post will be for subscribers only. I will post some free content here and there every so often.
Charts
QQQ Weekly Chart
QQQ ETF is still in a intermediate downtrend. Below the 90-period moving average.
QQQ Daily Chart
The daily QQQ ETF chart indicates a continuation of a intermediate downtrend as well on a 90-period timeframe.
Summary
Until we see a recovery in corporate earnings, CPI, ISM and a change in the Federal Reserve’s position on the Fed Funds rates, we should expect continued pressure to the downside.
Continue to risk manage using Trailing-Stop-Loss orders as well as walking the Volume, Volatility and Price movement to get the best trades out of the QQQ.
Disclaimer:
This substack (newsletter) is not and should not be considered investment advice. This substack (newsletter) is for informational purposes only. Nothing on this substack (newsletter) constitutes a recommendation to buy, sell or hold any security at any time. Always consult with a financial professional that is familiar with your specific situation before making any investment or trade.
Use of this substack (newsletter) is at your own risk. I make no warranties about the accuracy, completeness or reliability of any content on this substack (newsletter).
All the information on this substack (newsletter) is provided “AS IS”.
Do not rely on any statements made on this substack (newsletter).
In no event shall Trent Grinkmeyer or any company affiliated with Trent Grinkmeyer be responsible or liable for any damage that occurs while using or reading any content on this substack.
I may have a position (long, short or neutral) in any security mentioned on this substack (newsletter) and therefore may realize significant gains in the event that the price of the security mentioned on this substack (newsletter) declines or appreciates.
I may buy and/or sell any security mentioned on this twitter account at any time and for any reason. I may trade contrary or different to the information provided on this substack (newsletter). You should assume that any email or post on this substack (newsletter) may cause the price of the security mentioned to appreciate or decline in a dramatic way.
I may continue to transact in any security mentioned on this substack (newsletter) for an indefinite period of time after any email or post and such positions may be long, short or neutral at any time hereafter regardless of the initial view or positions stated on this substack (newsletter).
In no event shall Trent Grinkmeyer or any company affiliated with Trent Grinkmeyer be liable for any claims, losses, costs or damages of any kind including direct, indirect, punitive, exemplary, incidental, special or consequential damages, arising out of or in any way connected with any information presented on this substack (newsletter). This limitation of liability applies regardless of any negligence or gross negligence of Trent Grinkmeyer or any company affiliated with Trent Grinkmeyer. You accept all risks in relying on the information presented on this substack (newsletter).
If any statement in this legal disclaimer is held to be invalid or unenforceable, then the remaining provisions shall continue in full force and effect.
Why subscribe?
Subscribe to get full access to the QQQ Trade Ideas. Daily and Weekly updates on my QQQ trade ideas. Never miss an update.
Stay up-to-date
You won’t have to worry about missing anything. Every new edition of the newsletter goes directly to your inbox.
Join the crew
Be part of a community of people who share your interests.
To find out more about the company that provides the tech for this newsletter, visit Substack.com.
Live Loud!
Trent