QQQ Nasdaq ETF Weekly and Daily Charts Tight Bollinger Bands Big Move Coming Head and Shoulders Pattern

It's rare that you see a tightened bottleneck formation on the BB's like now. Typically, price will be squeezed in and then explode in one direction or the other and two days ago the move looked down, but the last two days the bulls fight back to keep price in the center. The QQQ's are about to make a strong move, either up or down and obviously the other major equities markets will be moving the same way.  Price is sitting on an island that was formed with the gap up from 65.0 to 66.5, therefore, a potential island reversal exists which would drop price to test the support at the 200-day MA at 65.17.

The bulls will try to explode higher out of the tight BB's and target the gap fills above. The indicators are lining out sideways and not tipping their hand. The weekly chart is forming a textbook H&S.  The spank down in September 2012 was due to negative divergence and price now drifts sideways, having formed the right shoulder, waiting for further guidance. The head is 70, neck line is 60, which targets 50 if the 60 level fails. The explosions from the tight BB's are wild, simply watch to see who wins over the next couple days. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.