Swinging with the QQQQ's? Intraday comment on how they look

Swing traders looking at the QQQQ's, you've no doubt noticed various factors and we've been posting about as many as we could find - the 200-day moving average in the Nasdaq 100 index (NDX) and QQQQ's, the resistance line at 35 for the QQQQ's on the P&F chart, and others. Just one big point a swing trader mustn't forget - notice that on the daily chart, the QQQQ's have not (yet) seen price moving (let alone closing) under the low of the prior day. Hasn't happened since mid-April. Whether this is a B wave or a fifth wave (or something else) in Elliott Wave terms, there can be no swing trade sell trigger without such a movement under the prior day's low on the daily chart. Some fast-moving types like to use hourly or 15-minute bars to time moves, and I don't have a problem with that if one has the type of margin account that permits rapid exit when wrong. (The old comment about, being early can be the same as being wrong.)

This is just a quick comment about this concept only - not elaborating further on where equities are right now, as I think we covered that with a lot of discussion over the weekend! As always - careful out there, and happy market navigating!