$QQQM.ETF : Was the chaos only temporary, or should we expect a deeper test? ๐๐
After the U.S. inflation data released on October 14, we saw a significant volatility shock that altered the indexโs short-term structure. However, todayโs session showed that much of that move was a liquidity sweep.
๐ Chart analysis (4H):
Previous high: After reaching the resistance zone at $314.12 USD, the price began a sharp correction, breaking below the short- and medium-term EMAs.
Sweep and support: Personally, I expected selling pressure could extend the correction down to the psychological barrier at $288.00 USD. However, buyers came in strongly at the low of $294.59 USD, absorbing the morning sell-off.
Recovery into the close: The price had a healthy reaction, recovering to the $299.35 USD zone and retesting the key $300 USD level.
๐ก Conclusion and Strategy:
The chaos caused by the macroeconomic data turned out to be temporary intraday noise. Demand aggressively defended the $294โ$295 USD range, but the real test will be whether the price can consolidate above the 7 EMA ($300.08 USD) and the 99 EMA ($303.55 USD) to confirm a change of character (ChoCh).
As for me, Iโm staying disciplined: my core position is protected in the green, and I have liquidity ready in reserve in case the market decides to give us another test at discounted prices.
๐ฌ What do you make of the close? Do you think it will hold above $300, or will we see another sweep toward $288? Let me know in the comments.๐
After the U.S. inflation data released on October 14, we saw a significant volatility shock that altered the indexโs short-term structure. However, todayโs session showed that much of that move was a liquidity sweep.
๐ Chart analysis (4H):
Previous high: After reaching the resistance zone at $314.12 USD, the price began a sharp correction, breaking below the short- and medium-term EMAs.
Sweep and support: Personally, I expected selling pressure could extend the correction down to the psychological barrier at $288.00 USD. However, buyers came in strongly at the low of $294.59 USD, absorbing the morning sell-off.
Recovery into the close: The price had a healthy reaction, recovering to the $299.35 USD zone and retesting the key $300 USD level.
๐ก Conclusion and Strategy:
The chaos caused by the macroeconomic data turned out to be temporary intraday noise. Demand aggressively defended the $294โ$295 USD range, but the real test will be whether the price can consolidate above the 7 EMA ($300.08 USD) and the 99 EMA ($303.55 USD) to confirm a change of character (ChoCh).
As for me, Iโm staying disciplined: my core position is protected in the green, and I have liquidity ready in reserve in case the market decides to give us another test at discounted prices.
๐ฌ What do you make of the close? Do you think it will hold above $300, or will we see another sweep toward $288? Let me know in the comments.๐