QQQ analysis

The Nasdaq was up today for several reasons. First and foremost the fed didn't raise the rates. So that was a shot in the arm for the markets. Second of all, a big milestone was reached, the NASDAQ finally surpassed March 10th 2000 stock market bubble level before the 2000 crash.
"I think (the Nasdaq high) is interesting but nothing that folks are going crazy over," said JJ Kinahan, chief strategist at TD Ameritrade. "They have benefited greatly from the Information Technology area and the Consumer Discretionary areas of the Nasdaq 100 as both have performed well over the last year. The market has benefited also from a few days of risk avoidance going into the Fed."
The Fed announcement wanst the only thing. The May consumer price index surged, and jobless claims had a bigger than expected decline. Apple is making a lot of cash from its watch sales. So the market is looking strongly up.
This is a specific case where News trumps technicals. Reading the technical chart last week we saw a short term correction coming as it was tightening into a coiled spring. The big Fed news and the new high broke that situation and right now we are in uncharted territory with a big white candle showing for today, which shows strength. Lets look at the chart:

So looking at the most recent candle shows you a big white strong candle without too much of a tail, and this signifys strength. What it also did was blow the coiled spring and now you can see the new primary pathway it is likely to take on the chart. I dont see too much more up however, due to the RSI showing that it is nearing overbought territory. It will see 111-112 and according to what Im seeing, come back down to 109 ish. Once I see the new top I will move in with more puts to ride it back down. But as it is we need to see how this chart reacts technically to the good news that the market had on Thurs with the rates and reports. As the chart speaks to me telling me what it will do next, I will react. Of course if some bad news comes out about Greece and the markets panic, that is all sorts of good news to a man who has a bunch of puts out there.
Just to be sure of the big picture, lets take a look at the big picture...the QQQ Weekly chart.

Look at where I put the big X. This is a possible time of a big crash. I drew the charts foward to thier conclusion and I forecast a very big crash at about March-May of 2016. The RSI has been losing steam as well as the MACD and we have been steadily losing volume since October 2014, all of which adds up to a market correction. At the x above, I drew two possbible correction situations, one deeper than the next.
But we do not need to worry about that now. I would say that tommorrow and the next day after we are going to have a bit of a climb and then a pullback.

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