10 Fast Facts About the $QQQ Chart: 9/16/15

1. The $QQQ chart has formed an ascending triangle chart pattern.
2. $QQQ closed over the 200 day moving average.
3. $QQQ broke out of an 18 day trading range today.
4. This chart has made higher lows for 5 straight days.
5. This chart has made higher highs for 3 straight days.
6. The Fed meeting will likely provide a catalyst for a breakout of this pattern.
7. It’s very unlikely that the Fed will do anything to upset the markets.
8. A close below the Wednesday low of day will be a breakout to the downside.
9. A close below the 200 day SMA will be a sign of momentum failure, with the potential to stay in the trading range.
10. A close above the 200 day is the first signal of a potential rally to all-time highs, as the correction was fast and recovered from quickly.

I am long $TQQQ at $101.03 with a stop loss with a close below the 200 day SMA.