The NASDAQ is in focus with the looming November close as the index looks to try and hold the 5,200 level and print a potential third monthly candle close above this key breakout level. A successful hold above 5,200 would help to develop a bullish ascending triangle breakout following those already seen on the the S&P500 and DJIA indices. The NASDAQ 100 ETF, QQQ, is also in focus as it trades just below the 120 breakout level.
NASDAQ monthly: watch to see where the November monthly candle closes. A close above 5,200 would support the ascending triangle breakout pattern with a target of 9,200:
The S&P500 and DJIA have already made their ascending triangle breakouts so the NASDAQ is dragging the chain a bit here.
S&P500 monthly: the ascending triangle breakout here evolved back in 2013:
DJIA monthly: the ascending triangle breakout here evolved back in 2013 as well:
NASDAQ weekly: a recent Bull Flag has stalled as the index navigates this 5,200 level:
NASDAQ daily: the 5,200 level has been tested a bit of late:
QQQ: This ETF tracks the top 100 NASDAQ stocks but excluding financials. This ETF is forming up within an 'ascending triangle' pattern as well. Some see a 'Cup' pattern but, either way, both patterns are bullish.
QQQ monthly: watch for any new close above the 120 breakout level:
QQQ weekly: the 120 is being tested:
QQQ daily: keep an eye on the 120 level: