Earnings begin; will $QQQ break out of its channel?

GMI4/6
GMI-24/8
T210875%

Will the market rise with earnings coming?  While reporting companies can blame their past weak results on the strong dollar, maybe they will forecast better results this quarter, with the dollar weakening. The QQQ is in a tight channel.  If this channel fails to hold, I expect support at the lower 15.2 Bollinger Band, around 106.44.  If this level were to fail, I would expect more weakness. But the rising 30 day average (red line) is an important sign of strength.

Screen Shot 2016-04-10 at 6.02.08 PMThe GMI is at 4 (of 6) and still on a Buy signal.

GMI04082016

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.